Binance User Hack

TOTAL LOST $27.1M
High #184 All-Time Access Control

Summarize with AI

ChatGPT Perplexity Claude Grok
Affected Chain 2023 Incident surface
Recovered - No recovery reported
All-Time Rank #184 By amount stolen
Protocol Type Exploit/Access control Target category

Incident Overview

Quick Summary

27,071,365 USDT and 11 ETH were stolen from a Binance user, private key leakage suspected.

Details of the Exploit

On Nov 11, 2023, an attacker exploited an Ethereum address and drained 27,071,365 USDT and 11 ETH. The victim had received these USDT 9 days prior from Binance. The attacker quickly swapped the stolen USDT for ETH and transferred the funds to another EOA, distributing them between multiple addresses.

The stolen funds were then sent to various services, including WhiteBIT, FixedFloat, and SideShift, and bridged to Bitcoin via THORChain.

Block Data Reference

Attacker Address:

https://etherscan.io/address/0x03C40112…9F37E3

Involved Addresses:

https://etherscan.io/address/0xe6Deb829…54Ba98

https://etherscan.io/address/0x036163Ec…44d1c0

https://etherscan.io/address/0x0887946C…2D879A

https://etherscan.io/address/0xBB389d6a…a2F129

Malicious Transaction:

https://etherscan.io/tx/0x0f2183c8…d60321

FixedFloat Transaction:

https://etherscan.io/tx/0x59e18a43…fa753f

White BIT Transaction:

https://etherscan.io/tx/0xe38f12a0…26e021

THORChain Router Transaction:

https://etherscan.io/tx/0xba8ed274…6ecbfa

This is classified as a Access Control Attacks . Compare similar hacks →

Incident Report

Protocol / Project Binance User
Date of Incident
Attack Technique Access Control
Classification Other
Primary Source View Post-Mortem

Protocol Information

Protocol Type Exploit/Access control
Official Website four.meme/zh-TW/token/0x02367c2b93fbcbc…
Protocol Twitter/X @Binanciens
Team Anonymous
Source Code Unverified

Market Context at Time of Hack

Token Categories
Memes BNB Chain Ecosystem Four.Meme Ecosystem
Protocol Links

What the Attacker Needed to Succeed

Understanding the prerequisites for this type of attack helps auditors identify protocols that are most at risk and helps developers build better defenses.

Technical Knowledge Operational-security tradecraft (phishing, malware, leaked seed phrases, or insider access) to obtain treasury signing authority
Capital Required Minimal capital - only enough to cover gas while draining the compromised accounts
On-Chain Access Valid signing authority over the compromised wallets / multisig signers, allowing direct transfer of funds or stake authorization
Target Reconnaissance Identification of Binance User's high-value treasury accounts and the authority / multisig structure controlling them
Execution Speed Speed to drain the compromised accounts before the team detects the breach and revokes signing authority or freezes the assets
Obfuscation Plan A strategy to launder and move stolen funds - typically through mixers, cross-chain bridges, or decentralized DEX swaps to resist tracing

What Auditors Should Check

Could this have been caught in audit? Likely — with a thorough Access Control audit checklist and test coverage

If you're auditing a protocol with similar architecture to Binance User, these are the critical security checks that could have prevented this incident (November 2023).

  • Verify all logic paths related to Access Control are guarded by proper access controls and input validation - see the Access Control Attacks attack class for patterns
  • Review privileged functions (owner, admin, governance) for potential abuse vectors - centralization risks should be documented and bounded with timelocks or multi-sigs

Master these auditing techniques with hands-on labs and real exploit scenarios in the Smart Contract Hacking course.

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Related Attack Classes

The technique used in this hack maps to these vulnerability classes in our security curriculum:

See all Access Control Attacks examples →

Access Control Attacks

Sources & References

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