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Binance’s Ethereum reserve ratio backing customer assets may have fallen to around 94% following the hack, CoinDesk reported.
According to CoinDesk’s analysis of Binance’s proof-of-reserves, or PoR, data, the wallets drained in the attack were the same wallets Binance had disclosed as evidence that it held customer assets on a one-to-one basis. CoinDesk said this suggests some cryptocurrencies could remain under-reserved until Binance replenishes the stolen assets.
According to Binance’s Oct. 1 PoR data cited by the outlet, the “Binance 14” address hit in the hack held 1.26 billion USDT and 89,475 ETH at the time. CoinDesk said the attacker appeared to have exploited Ethereum’s EIP-7702 feature to configure the wallet so its assets would be automatically transferred to the attacker’s address. It added that 167,464 ETH was moved from Binance 14 and 28,005.6 ETH from Binance 16 to the attacker’s wallet, before 195,460 ETH, worth about $442 million, was transferred to another address around 15 minutes later. The total stolen amount was about 204,500 ETH, equal to 5.6% of Binance’s ETH reserves at the time, the report said.