According to CoinMeta, the co-founder of Cobo, Shen Yu, reviewed the theft incident involving Binance and pointed out that the attackers conducted two rehearsals in advance and prepared a list of 64 token transfers. The attackers used the private key of a hot wallet of Binance to sign the transactions at 4:20 am, and about 3 minutes later, they transferred the assets in batches. Currently, Tether has had 1.38 billion USDT frozen, Circle has 823 million USDC frozen, Ripple has 40.54 million RLUSD frozen, as well as other tokens. Shen Yu stated that the core issue lies with the signing process, and the specific reasons for the incident have not yet been made public by Binance.