The ETH must flow
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Joined March 2018
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Culgin.eth | Justmy2.gwei retweeted
The scale of the danger North Korea poses to crypto has become impossible to ignore.
This is the story of the investigators exposing North Korean operatives working inside the industry.
You think you know who your developer is.
But do you?
🎬 Introducing THE DEVELOPER.
Culgin.eth | Justmy2.gwei retweeted
这次币安被黑，不是 EIP-7702 本身的锅，
它只是被用上了。
它是被黑客用来更高效地执行这次攻击的工具之一，
不过，不是被黑的原因。
黑客利用了 EIP-7702 的委托能力，
让扫款操作更顺畅、更批量、更原子化。
不过，
真正让资金被转走的，还是签名权限被拿到了（热钱包被攻破、内部签名通道被入侵等）。
具体一点来说，
从链上看，
攻击者提交了 50 个由 Binance 14 私钥签过的 EIP-7702 授权，覆盖连续的 nonce。
其中一个命中了当时的 live nonce，
把热钱包的代码委托给了攻击者事先部署的扫款合约。
随后一笔交易就把 ETH + 63 种代币（含 16.15 亿 USDT）一次性扫走。
不过，如果没有 Binance 14 的有效签名，EIP-7702 根本用不上。
这也是为什么比特币侧同样被洗（比特币没有 7702），
被黑原因目前看，指向签名系统/热钱包密钥通道被突破（可能是 HSM/MPC/内部签名接口被渗透，不一定是明文私钥被完整偷走）。
Wild to know one compromised laptop can result in such a massive breach
Binance's initial investigation suggests that the security incident may involve a compromised DevOps engineer’s laptop, which allowed an attacker to gain access to a service container and submit unauthorized withdrawal transactions. We have found no evidence of any wallet private key leak. We will share a detailed technical post-mortem once the investigation is complete and the facts are fully verified.
The estimated total impact sits at around $6.3B. We have worked with blockchain partners to freeze affected assets, with ~$3 billion frozen on-chain so far.
Binance will cover all losses from the SAFU fund and the company’s funds. User funds are safe. We will also publish an updated Proof of Reserves once the remediation is complete.
As an immediate precaution, Binance has:
- temporarily suspended deposits and withdrawals while security checks are completed;
- revoked the affected address authorisation;
- engaged law enforcement and blockchain intelligence partners to trace and recover funds.
Our teams are working around the clock to resolve this issue safely and thoroughly. We are working closely with our law enforcement partners to confirm the identity of these criminals and bring them to justice.
Please rely only on official Binance channels for updates. Please feel free to contact Binance Customer Support if you have any further questions.
binance.com/en/support/annou…
Culgin.eth | Justmy2.gwei retweeted
Quick notes on 7702 to dispel fud and keep your funds safe.
First thing first -- 7702 itself isn't broken. Don't panic if you are using a wallet that supports 7702 (MetaMask, Uniswap, Ambire, etc.).
To recap, 7702 is an account abstraction EIP that allows an EOA to sign a special message, called a "7702 authorization," that would insert a smart contract into the account, which enables the account to do powerful things like transaction batching, e.g. doing "approve" and "transfer" in one transaction so you can swap on Uniswap with one click.
But unfortunately the same feature also allows a hacker to efficiently move all your tokens in one single transaction. In the Binance hack, the hacker moved ETH, USDT, and 62 other tokens in one transaction, whereas without 7702 they'd have had to send one transaction per token. In this particular case, many of those transactions would've failed because Binance was still using the hacked wallet for withdrawals, so all transactions sent by the hacker would've had to compete with the legit transactions for nonces. So using 7702 did help the hacker steal as much funds as possible, as quickly as possible. Ouch!
However, in order for the hacker to use 7702, they must have either 1) had access to the private key, or 2) tricked Binance into signing a 7702 authorization. The latter is very unlikely, as it's hard to imagine Binance being so incompetent as to expose an endpoint for signing 7702 authorizations or (even worse) for signing raw messages which the hacker could've repurposed for 7702 authorizations. But I can't rule that out until the official postmortem.
What does all this mean for you?
- If you are a wallet developer, do NOT, under any circumstances, expose a way for third parties to request 7702 authorizations. This is just handing your users a giant footgun to shoot themselves with. No wallets I know of do this, so don't worry if you are a user.
- If you are a user, use a well-known wallet. 7702 does let wallet developers screw up in more ways than before, so use only well-known wallets whose developers' competence you can trust.
- If you are a company (e.g. an exchange) operating hot wallets, do NOT, under any circumstances, expose an endpoint (even if it's an internal endpoint) for signing 7702 authorizations or raw messages.
As a contributor to AA, I feel partially responsible for hacks like this, since by increasing the power of accounts, we've indeed also empowered hackers (not unlike how any new technology empowers both the good guys and the bad guys). That said, it's important to note that 7702 was only a transitional EIP, and "endgame AA" such as Frame Transactions (EIP-8141) would allow wallet owners to set up their wallets much more securely. For example, if Frame Transactions were available today, Binance could've:
- Set up their wallets as multisig contracts only (not EOAs).
- Set up "post conditions" for their `transfer()` functions, so that even if the multisig got hacked, the contract itself would perform sanity checks such as "no transfers of more than 1000 ETH without additional signers."
In short, the endgame of Ethereum UX is one with both optimal security and optimal UX, and users never have to trade off between the two. But we still have a long way to go until we get there. Back to work!
Culgin.eth | Justmy2.gwei retweeted
Seeing rumors blaming EIP7702 for the Binance hack.
From what I can see EIP7702 was just used to preform the hack efficiently but was NOT the root cause.
Good for Ethlabs and therefore good for $ETH
Today, more people are backing Ethlabs.
Ethereum co-founder @MihaiAlisie joins as an anchor funder, @payward and @gattacahq join as contributors, and 19 new supporters from the Ethereum community are now backing our mission.
Thousands of people across the world have spent years building Ethereum and holding $ETH, we aim to honor their commitment by becoming an open, accessible, and user-focused organization that supports the development of both this unstoppable network and its immutable asset.
We care deeply about what makes Ethereum special: its credible neutrality, security, censorship resistance and openness. We also believe that Ethereum's potential is only realized when people use it at scale and when it remains the natural place to innovate, issue assets, hold + settle value, and be the home to a digital future its users can own.
A big thank you to our initial anchor funders @BitMNR, @Sharplink, and @ethereumJoseph; to everyone joining us today, to the countless people and organizations that make Ethereum possible, and to all who have supported our work so far.
There is an enormous amount left to do, and we are fortunate to have so many people who believe that it is worth doing.
Now back to work.
Funders: ethlabs.org/funding
Weekly updates: ethlabs.org/writings
Culgin.eth | Justmy2.gwei retweeted
A bit of a long write-up here.
#Bitcoin and $TOTAL3ES (Total crypto market cap without counting stable coins, $BTC and $ETH) are at the beginning of stage 2, which is typically thought as an ideal spot for market participants to enter.
This cycle's AI narrative darling, $PLTR, is in stage 2, after hitting 0.5 retracement which is typically early/mid cycle correction behavior. Late cycle correction typically are more drawn out and are shallower.
ISM PMI just broke out of 50 earlier in 2026 after being under 50 for 4 years, indicating the start of economic expansion.
Copper/Gold ratio bottomed earlier in 2026 after being in a downtrend for 4 years, indicating the start of economic expansion.
Japan #Nikkei broke out of a 35-year consolidation in 2025 and has more room to run up.
Korean $KOSPI seems to be bottoming at 0.5 retracement with a good reaction, which quite often happens in an early cycle/mid-cycle correction. 50% of the $KOSPI is #Samsung and #SKHynix, both continue to have continued growth acceleration to support the numbers. I doubt that the memory trade is anywhere near done yet.
China solana:3aSu9uuDLiWkBQGycJDDSubZEPb6YJjDzULPWZkJn8ic #HangSengIndex had a big run in 2024-2025 just to spend 2026 to retrace back to 0.618 which is a reasonable correction for a likely next leg up, with liquidity likely to spill over to global markets. Their GDP has been growing despite tariffs, youth unemployment and housing crash.
Russell 2000 $IWM $RUT is just making higher highs and higher lows.
Cathie Wood's $ARKK fund is in a 5-year bullish formation that could be breaking out at anytime, and nobody even cares about what that could mean.
$TSLA earnings was not that great, but its weekly trend is flipping bullish regardless. $300 seemed like the number it wanted to hit before finally running up. Market seems to be pricing in future growth which typically happens when it's anticipating economic expansion.
$COIN is forming a very painful $COIN base, but is showing key base-forming behavior which could lead to outsized gain shall it finally breaks out.
AI data centers could be going through final capitulation zone as they are hitting my crazy targets and finding a decent reaction off of them. With the large caps and market leaders like $NVDA $MSFT $GOOGL $AMZN having great balance sheet and cash flow and with them committed into CAPEX for AI infrastructure, this is not your dot-com bubble and this could keep going on for a while. Narratives and sentiment on this sector is horrible, and massive capitulation followed by short squeeze seems to be in order for $CIFR $IREN $NBIS $WULF $GLXY and other names.
$HOOD was the fintech leader that needed to take a breather, while $SOFI plays catch up after solidifying a higher low. Looking at $AFRM and $SHOP - they are two of those stocks that look ready to breakout massively to the upside in 2027 which goes along with economic expansion rather than contraction.
There are still tons of names in forming huge bases for years or sometimes even decades that have yet to break out - many of which look like $MU and $INTC prior to their big run-up and are waiting for their turn once accumulation is complete.
Long duration bonds are starting to catch a bid at the current levels after forming bullish divergences for years, whereas bond yields seem to be going through a topping process after forming bearish divergences for years. This, of course, happens after everyone including CNN front page started talking about yields.
Gold and Silver have been going up for the last 3 years and have finally peaked in 2026 and are both consolidating. Last time Gold peaked was in August 2020, and a very risk on market happened afterwards presumably linked to rotation.
I don't give a damn what Kevin Warsh says tomorrow or what the short term market volatility that comes with his nonsense.
Everyday, $ETH has to handle the FUD of either EF selling or an "OG" selling. But I am still bullish on it regardless
A #EthereumOG linked to the #EthereumFoundation sold 7,594 $ETH ($17.79M) after a year of inactivity.
This OG bought 200K $ETH(cost $61K) during the ICO at $0.31 and also received 42,654 $ETH from the #EthereumFoundation when $ETH was trading at $13.82.
arkm.com/explorer/address/0x…
arkm.com/explorer/address/0x…
2% to 21% in just four weeks is probably something
ethereum:0x7fc66500c84a76ad7e9c93437bfc5ac33e2ddae9 went from 2% to 21% of the tokenized stock loan market in four weeks.
Blockworks data has Kamino still leading at 53%, ListaDAO at 19% and Morpho at 7%.
An equity-backed loan means you lock up a tokenized share, like Coinbase's Nvidia or Google token, and borrow USDC without selling the stock. Aave opened its version on Base Sep 25 and now has $5.2M borrowed against $11.6M of stock tokens.
The whole market is only about $25M of loans, which is why one new venue can move the shares this fast.
Stocks working as collateral on a crypto lending market is the durable part, since it puts traditional assets to work on crypto rails. Four weeks of share is too early to say who keeps the borrowers.
Culgin.eth | Justmy2.gwei retweeted
❗️ A developer hid a Bitcoin key on a PHP server left unpatched against PHP2Shell, the critical flaws fixed on Oct 21, and dared anyone to steal it.
17 hours on, the wallet holds ~$2,000 and nobody has taken it.
The developer says someone is crashing PHP but "still no RCE yet".
Readers added context they thought people might want to know
The GitHub repository cited as the source explicitly acknowledges in its README that the supposed exploit is fabricated: “And of course it’s fake. Duh. Note: No harm intended, purely for fun.”
github.com/0x1c1101/CVE-2…
U can chase speculative ghost-chains all u want, but the bulk of onchain liquidity runs on Ethereum and that's bullish for $ETH
Over the last 90 days, $16.75T of stablecoin transfer volume settled on @ethereum and its L2s. That is 77% of all stablecoin volume across every network.
→ @ethereum mainnet $7.1T
→ @base $8.5T
→ @Optimism Mainnet $0.8T
→ Other Ethereum L2s $0.35T
$21.55T moved across all networks in the period. $16.75T of it settled on Ethereum.
Per @tokenterminal, 15 July to 12 October 2026.
Ethereum is the home of onchain finance.
Retail complains about delays, but rigorous testing is the exact reason why Ethereum has maintained 100% uptime since inception.
If u are building the global settlement layer for trillions in institutional capital, security and resilience are non-negotiable.
Be more bullish on ethereum:native 🐂
The Glamsterdam upgrade on Hoodi testnet previously scheduled for October 26th has been delayed. Node operators check your clients for instructions. The new date is TBA.
blog.ethereum.org/2026/10/22…
Culgin.eth | Justmy2.gwei retweeted
Meritz Securities, one of Korea’s largest brokerages, has signed an MOU with @Optimism to explore issuing, settling and distributing tokenized Korean securities on the OP Stack.
That makes three Korean securities firms exploring the OP Stack since July:
→ DB Securities
→ KB Securities
→ Meritz Securities
Ethereum is the home of onchain finance.
Culgin.eth | Justmy2.gwei retweeted
I am being re-radicalized into crypto.
Genuinely feel like it’s the time for it to shine, Ethereum is a production grade substrate that has held value while trying to be hacked by nation states for 10 years.
That security/decentralization/coordination experience matters.