Source: Meet Kevin
Binance hack explained: What You Need to Know
THE TL;DW
- Meet Kevin’s Binance hack explained video walks through how attackers drained Binance hot wallets using compromised EIP-7702 authorizations, with outflows reported between $3.3B and $5.8B.
- Tether and Circle moved fast to freeze roughly $2.5B in stablecoins tied to the attacker’s addresses, cutting net unrecovered losses to around $1B–$1.2B, mostly now sitting in ETH.
- Binance paused withdrawals and insists user funds remain safe and covered by reserves, while all signs point to North Korean state-backed hackers.
The Jupiter Take
This is the largest crypto exchange hack ever reported, and Meet Kevin breaks down the mechanics for a mainstream investing audience rather than just crypto-native viewers. The real-world figures being reported by security firms are running even higher than the video states, underscoring how fast this story is still developing.
Context
The attack exploited EIP-7702, a feature introduced in Ethereum’s May 2025 Pectra upgrade that lets a regular wallet temporarily hand control to a smart contract. According to blockchain security firms, the attacker
