I woke up to find my already meager life even worse. Binance was hacked?! Why did BNB rise instead of fall?! It just dropped to 680 and rebounded to 711, showing strong buying pressure! This is reputation; it just goes to show that CZ and the top executive's accumulated wealth and their confidence in fully covering losses are the anchor of this industry. @heyibinance @cz_binance I. How much money was stolen? Approximately 6.3 billion was stolen. Tether, Circle, Ripple, World Liberty, etc., helped freeze 3 billion, so the net loss is likely around 3.3 billion. Binance has promised to fully cover the losses. II. How did the hacker steal it? It may have involved a DevOps engineer's laptop. The attacker gained access to a service container and submitted unauthorized withdrawal transactions through that container. The hacker exploited Ethereum's EIP-7702 feature (a relatively new delegation mechanism that allows ordinary wallets to temporarily delegate execution to smart contracts) to maliciously authorize a Binance Ethereum hot wallet, then transferred assets in batches. III. The industry's responsiveness deserves praise. I'm very impressed by their rapid coordinated freezing of assets! The contact information, integration processes, and blacklists from various companies were all readily available. This emergency response process was already practiced by the entire industry after the $1.5 billion theft of Bybit by North Korean hackers last year. Blockaid detected the anomaly within 2 minutes of the transfer, confirmed the cause of the theft within 11 minutes, and marked the hacker's address as malicious within an hour, pushing the information to the entire network's risk control system. IV. What is decentralization? Hackers can transfer billions in 3 minutes—that's incredibly decentralized! Like banks, large withdrawals should be subject to a reservation system, with inquiries about the reason for withdrawal, whether a scam was committed, and whether anti-hacking apps were downloaded. Hackers, during money laundering, exchange USDT for ETH to prevent funds from being frozen. While the inability to freeze funds is a source of ETH's premium, shouldn't stolen funds be frozen? Why can't stolen money be frozen? Actually, we've all been hacked; centralized exchanges just cover our losses. V. Finally, let's look at the market. BTC: Like BNB, it has entered oversold territory in the short term. It has broken below the ETF buying cost line and is approaching the 60-day low of 74,888, almost below all moving averages. The key level to watch is whether $76,000-77,000 can hold. ETH: It has broken below the lower limit of the 60-day range and is currently holding the key support around 2,159. The long-term trend still has a chance to continue! Have you bought the dip?