After the $6.3 billion security incident at Binance, details of hot wallet management remain undisclosed
2026-11-06 19:01:50
According to CoinMeta, following the $6.3 billion security incident, Binance has not yet made public the internal control details regarding the management, signing, and transaction limits of its hot wallets. On October 30th, a joint spokesperson stated that the attack affected the exchange's own hot wallets, with most customer assets stored in offline cold storage and only transferred to hot wallets when users made withdrawals. Binance's initial report on Tuesday indicated that attackers accessed the internal wallet signing service and bypassed the normal withdrawal process to transfer funds, with some technical details remaining confidential. Analyst Jonathan Riss pointed out that the $6.3 billion represents the cumulative value of assets affected across 10 blockchain networks, and on Ethereum, attackers repeatedly drained the hot wallets as new deposits arrived. Public blockchain records cannot confirm the internal signing architecture and limits; however, application-side limits can be bypassed when the system is compromised, while the limits independently enforced by the signing system may still be in effect. Idan Ofrat, co-founder of Binance, mentioned that the exchange typically keeps a sufficient amount of funds in hot wallets for expected withdrawals over several days, which usually account for a small percentage of the managed assets. The proportions of assets stored in cold storage were disclosed afterwards by Coinbase, Gate, and Upbit.
Source:Internet
This content is for market information only and does not constitute investment advice.
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