Binance hack: how the crypto ecosystem defended itself

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After the Binance hack yesterday, several players in the crypto ecosystem mobilized their emergency tools to prevent the hacker from selling his loot. Frozen stablecoins, lending markets suspended from new operations, tokens destroyed remotely: interventions multiplied in a few hours.

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The exchange estimates potential losses at $6.3 billion, of which around $3 billion has already been frozen. The first to react were the issuers of stablecoins, whose contracts allow tokens held at certain addresses to be blocked. Tether has thus immobilized more than 1.5 billion USDT and Circle around 823 million USDC.

Paxos followed by freezing 1,906.67 PAXG, its gold-backed tokens, after confirming their transfer to an address linked to the hacker. The company ensures that its systems and reserves remain intact.

Earlier today, public reports indicated that Binance was impacted by a security incident. Blockchain analysis showed that PAXG tokens held on the Binance platform were moved to the suspected attacker's address.

After confirming the reports with its own blockchain investigation,…

For its part, BitGo blocked approximately 27.8 million USD1, the stablecoin of World Liberty Financial, on an address identified as a recipient of stolen funds. The company also claims to have no security vulnerabilities.

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On Arbitrum, Ethereum's second-layer network, the Security Council took an exceptional measure last night. This committee with emergency powers has locked up 8,425 ETH and 74.56 million ARB, representing approximately $30.5 million.

👉 On the same subject – Binance hack: here’s how the hacker emptied a wallet in 4 minutes

To do this, he temporarily modified a network contract to transfer the funds to a secure address. Their restitution will now require a governance vote.

Machine-translated from French