Hackers managed to siphon $2.5 billion from Binance in a single operation, marking a significant portion of the $6.3 billion stolen from the exchange last week. The entire heist cost the attackers just $15, highlighting the low barrier to entry for such large-scale cybercrimes.
The thieves exploited a feature on the Ethereum blockchain designed to simplify crypto wallet transactions. This feature allows an account to grant software permission to move funds on its behalf, eliminating the need for separate authorizations for each transfer. By weaponizing this tool, the hackers reduced their chances of being caught during the act.
An examination of the Ethereum blockchain transactions revealed how the hackers executed the theft. The method not only facilitated the movement of a substantial amount of stolen cryptocurrency but also minimized the risk of detection, showcasing a sophisticated understanding of blockchain mechanics.