Ultimately, it's confirmed that the BTC was transferred by hackers. According to Binance's current disclosures, the possibility of a direct leak of private keys (MPC/HSM/KMS) is actually quite low. The more likely weakness is that malicious transactions could directly pass through the signature gateway's verification process. This suggests either a single point of trust in the process (e.g., transaction requests from a certain service container are considered secure by default), or the signature gateway system itself was compromised. --- p.s. Don't bother hacking hardware wallets; this time it's definitely not a problem, it's too difficult.