According to CoinMeta, the world's largest cryptocurrency exchange, Binance, experienced a security incident on October 30 involving approximately $6.3 billion, making it the largest crypto asset theft case to date. On-chain analysis shows that within less than four hours, attackers transferred a large amount of assets from hot wallets on multiple Binance blockchain networks, with most of the funds flowing out within about 20 minutes. Binance's preliminary investigation suggests that the attackers may have gained access to the internal system by hacking a network operations engineer's computer and initiated unauthorized withdrawal transactions. No evidence of wallet private key leakage has been found yet. However, Binance later stated that additional entry points were discovered in the investigation, and the full attack path is still to be confirmed. After the funds were transferred out, the attackers quickly exchanged some of the USDT for assets such as ETH and TRX which cannot be directly frozen by the issuer. They also used AAVE to collateralize about 60 million USDT, lending out 19,762 WETH worth approximately $44.6 million in order to reduce the risk of the funds being frozen.