Binance said a cumulative $6.3 billion attack compromised its internal transaction-signing service, allowing attackers to move funds outside the exchange’s normal withdrawal process. Most customer assets were held in cold storage and transferred to hot wallets only when users requested withdrawals. CertiK analyst Jonathan Riss said public blockchain records show repeated drains from a hot wallet on Ethereum but cannot reveal transaction limits, approval controls or the exchange’s exact signing architecture. Coinbase, Gate and Upbit disclosed their cold-storage ratios, while Binance did not answer Cointelegraph’s questions about its balances and safeguards. Experts said exchanges typically keep low single-digit percentages of assets in hot wallets to cover several days of withdrawals, provided transfers from cold storage require manual approval and independent controls.
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