The details of the Binance hack are as follows: Step 1: Preparation On October 28th, the attacker obtained a small amount of ETH as gas fees through the Tornado Cash mixing protocol. At 3:59 PM on October 29th, a practical cleanup contract was deployed on-chain. Step 2: Signing At 4:20:59 AM on October 30th (UTC 20:20:59), a type-4 transaction was sent with 50 authorizations signed by the Binance 14 private key, with nonces ranging from 18914775 to 18914824. 49 nonces failed to register, and 1 successful, making the delegation effective. Sending 50 nonces at once was because Binance 14 was still processing withdrawals for customers normally. Each transaction consumed nonces, and the attacker couldn't predict the next valid nonce, so they signed the entire window. After the successful nonce, Binance's own withdrawal transactions continued to be sent from the same wallet as usual, undetected by anyone. Step 3: Sweep Four minutes later, the sweep contract was activated, transferring approximately 167,464 ETH, 1.615 billion USDT, and about 60 other tokens, totaling approximately $2.5 billion. Binance14 was left with only 1 ETH for gas. 24 seconds later, Binance16 followed suit, and subsequently, more than a dozen Binance hot wallets on Optimism, Arbitrum, and Avalanche transferred funds to the same address within a few minutes. Step 4: Repeated Draining Once the delegation takes effect, newly deposited funds are withdrawn without further signature. At 4:41 AM on the 30th (20:41 UTC), the attackers used the still-active delegation to manipulate Binance's Circle smart account, transferring 780 million USDC. At 5:44 AM (21:44 UTC), Binance14 was swept again, this time withdrawing deposits that had entered after the first sweep. On-chain analysts reconstructed the events, revealing that the attackers even sold all 7.77 trillion PEPE tokens in the wallet, converting them into ETH. Binance only revoked the delegation on the morning of October 30th. The crux of the entire process is this: the attackers never stole anyone's private keys; they made Binance relinquish control itself!