00:00 Speaker A

Let’s talk about what happened. 6.3 billion drained, 3 billion already frozen, meaning there’s about 3.3 billion outstanding. The rest covered by its Safu fund and its own money. Digging through this, started with one transaction. This is what happened.

00:15 Speaker A

On October 29th, the wallet Binance 14 sent out 167,464 ETH, roughly roughly 1.6 billion in USDT and 63 other tokens. So the cause per Binance was a compromised engineer’s laptop that gave access to withdrawal services not to the private keys. Interestingly, they’ve now said this was not obviously a one click thing. It was a much more complex than one guy’s laptop and there were multiple points of breach beyond the engineer’s laptop.

…