Linda Check Binance Hack and Di Questions Wey Follow Di Attack

Cardano community creator Linda don check di Binance security breach for new video, as she dey ask how attackers fit move billions of dollars while she review how di exchange respond and di investigation to find who do am.

Her analysis follow Binance estimate say approximately $6.3 billion dey affected by di October 29 attack. Linda still address di speculation say di breach fit be inside job, as she present wetin investigators find wey dey point go one North Korean hacking group.

Questions About Binance’s Security Controls

Linda focus on di first suggestion say di breach fit involve one compromised laptop wey belong to one Binance DevOps engineer. She dey ask how attacker fit enter systems wey fit move money reach like this and whether safeguards suppose don stop di withdrawals earlier.

Di video still include later update from Binance CEO Richard Teng. For di statement wey Linda present, Teng explain say investigators don identify more points of breach and describe di incident as complex attack.

According to di update, di attackers use mechanisms wey destroy tools and traces as dem dey operate, wey make di investigation harder. Later findings show say di breach no fit reduce to only one compromised laptop.

Linda still discuss Teng explanation of how di attackers take get execution approval wey involve one internet connected Binance wallet. Di update refer to EIP-7702, one Ethereum mechanism wey allow account to delegate execution to smart contract code. According to di statement wey dem show for di video, di delegation no pass through Binance normal approval controls.

How the Attackers Moved the Funds

Linda describe quick quick transactions after di unauthorized withdrawals start on October 29. According to her account, most of di affected assets move within approximately 20 minutes.

Stablecoin issuers Tether and Circle begin block addresses wey associate with di attackers. This kain restriction fit stop affected tokens from moving further, although to freeze assets different from to recover and return dem.

Linda explain say di attackers deposit stolen USDT into di Aave lending protocol and use am as collateral to borrow ETH. She still describe how dem exchange some stolen stablecoins to ETH before some receiving addresses come dey blocked.

ETH no get central issuer wey fit freeze tokens for address di same way wey issuers of USDT and USDC fit do. Linda use di transactions show how attackers dey move between assets while freezing efforts dey happen.

Her video still highlight Chainalysis observation say thousands of transactions look like dem dey circulate funds among addresses, sometimes return dem to addresses wey don involve earlier for di sequence. Linda connect di pattern to automation and efforts to hide di trail of funds.

Aave temporarily restrict new deposits and borrowing as precaution. Linda note say users still fit withdraw funds and repay loans, while later changes come leave USDT, USDC and several other assets with zero loan to value ratio, wey prevent dem from using am as collateral for new borrowing.

[NEWSBREAK]

Inside Job Speculation and the Investigation

Linda address online speculation say di breach fit involve insiders. She describe her questions about di size of di theft and di first focus on one employee laptop, but she no present evidence wey confirm say na inside job.

She still examine findings wey point go another direction. According to di analysis wey she present for her video, blockchain intelligence firm TRM Labs attribute di attack to Trader Traitor, one group wey link to North Korea. Linda describe how di firm talk say preparations start at least 36 hours before di theft, including wallet setup and testing.

Linda reference findings from Chainalysis and investigator ZachXBT about connections between funds from di Binance incident and one earlier Bitget hack wey dem associate with North Korean attackers. At di time wey she record, she note say Binance never officially confirm who carry out di attack.

Di video still cover Binance commitment to cover losses. For one statement wey Linda show, di exchange talk say e don reserve more than $6.34 billion of company funds, with around $5 billion already hold inside di same types of assets wey attack affect.

Binance don begin restore withdrawals in phases. On November 1, di exchange start reopen di service for selection of assets and networks, with availability wey vary by token and blockchain.