Blockaid Co-Founder: Binance Hack May Involve Private Key Abuse Rather Than Leak

TechFlow reported on October 30, citing Cointelegraph, that Blockaid Co-Founder and CEO Ido Ben-Natan said an initial assessment suggests the suspected Binance theft may have involved private key “abuse” rather than theft, meaning attackers compromised the signing system to authorize malicious transactions without extracting private keys. He stated, “It appears the signing infrastructure was compromised; we believe the private keys were not leaked.”

Ben-Natan said this was a preliminary assessment, and that the attack may have involved the compromise of multiple devices and lateral movement within the internal network, but it has not been confirmed. He considered the incident “very similar” to the February 2025 Bybit theft, with on-chain preparation methods resembling characteristics of North Korean-linked hacking operations.

Binance has not yet confirmed the specific attack method; the above are personal views.

Source: TechFlow