Binance's Teng Says Industry Must Learn From Hack: Do New Crypto Features Raise Risk?

Binance co-CEO Richard Teng said Tuesday the industry must learn from a $6.3 billion Binance hack and that the exchange published a detailed report. Teng described a months-long campaign attributed by the FBI to North Korea, starting with a fake developer tool in June and fake recruiter interviews in September. On October 29, attackers exploited Ethereum EIP-7702, a May 2025 upgrade allowing ordinary wallets to borrow smart-contract code; one wallet lost about 167,464 ETH and $1.6 billion in USDT. Blockchain security firm Blockaid found the attacker bundled 50 signed authorizations into one transaction, and Binance cleared the delegation nearly four hours later. Ethlabs researcher Derek Chiang said EIP-7702 is not broken; Binance says it replenished 98% of affected assets.