₿ JERRY 33🦸‍♂️

Binance just got hacked for $6.3B. Here's what happened Last night ~$6.3B left Binance's hot wallets. It's the largest hack in crypto history, and early analysis points to North Korea's Lazarus group. How it happened Binance's early findings point to one engineer's compromised laptop. From there, the attacker appears to have got Binance's own signing systems to sign for them. On Ethereum, that meant an EIP-7702 authorization: a signed permission that let a Binance hot wallet hand control of itself to the attacker's contract. Three minutes later, it was swept. On other chains, the wallets simply signed the transfers out. Binance says no private key was stolen. No blockchain was broken. Ethereum did exactly what it was told. The attacker didn't need to break anything. They just needed Binance's systems to say yes. The response Hundreds of people worked through the night. Binance paused withdrawals, cut off access, and brought in law enforcement. Tether and Circle froze ~$2.4B in stablecoins within hours. Aave froze its markets when the attacker tried to borrow against stolen USDT. ~$3B is frozen so far, and Binance says SAFU plus its own funds will cover every user. That's the industry at its best, and credit where it's due. The people If you have funds on Binance right now, you're probably not reading post-mortems. You're waiting. Withdrawals should be back within ~48 hours, but not being able to touch your own money is stressful, even when someone promises it's fine. The lesson This isn't a story about a careless exchange. Binance spends a fortune on security, and one of the most capable state hacking groups in the world still found a way in. That's the point. When one company holds everyone's money, it only takes one way in. DeFi works differently. On Prodigy, your deposit goes into a smart contract, not a company wallet. Vaults are fully collateralized onchain, so your yield is already locked in the contract, not a line on someone's balance sheet. There's no employee laptop that can sign your funds out. DeFi has its own risks. Smart contract bugs are real, and this year has had painful exploits. That's why our contracts are audited by Halborn, Pashov and Sherlock, and anyone can read them. You can check the risk yourself. Custody isn't good or bad. It's a choice. Make it on purpose. To everyone waiting on Binance this week: hope you're made whole fast. 🫡

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