Blockaid secures $40M in funding commitments after $6.3B Binance hack
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The Binance hack underscores the critical need for enhanced security measures in crypto exchanges, influencing future investment in security tech.
Photo: Julio Lopez / Pexels
The onchain security firm says its AI flagged the exchange's drained hot wallets in under two minutes, and investors appear to have noticed
Wed 4 Nov 2026 · 21:15 EST · 3 min read
In Security
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Blockaid, an onchain security and threat prevention platform, has secured $40 million in funding commitments. The money arrived in early November 2026, days after a Binance hack with losses estimated at $6.3 billion.
The October 29 breach was the largest theft Binance has on record.
What happened at Binance, and what Blockaid saw
The breach hit on October 29, 2026, and its total impact is estimated at $6.3 billion. Binance reported that approximately $3 billion in assets were frozen after the attack.
The breach was attributed to a compromised laptop belonging to a DevOps engineer. That device reportedly opened the door to unauthorized withdrawals from the exchange.
Blockaid says its AI models picked up anomalous outflows from Binance’s hot wallets in less than two minutes. Hot wallets are the internet-connected accounts exchanges use to process day-to-day withdrawals, which makes them convenient for users and attractive to attackers.
Within 11 minutes, the firm says it had identified malicious EIP-7702 delegations. EIP-7702 is an Ethereum feature that lets an ordinary wallet hand off its behavior to smart contract code. Blockaid’s analysis points to that delegation technique as the mechanism the exploiters used to pull funds out of the exchange.
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Not a stolen key, a hijacked signer
Blockaid CEO Ido Ben-Natan framed the attack as a misuse of signing infrastructure rather than a simple theft of private keys.
Ben-Natan compared the Binance incident to the February 2025 Bybit incident. That comparison places the two breaches in the same category: attacks that go after the machinery around keys rather than the keys themselves.
Why the money followed
Blockaid was not starting from scratch when it raised this round. The company has previous fundraising behind it and established relationships with investors including Sequoia Capital and GV.
It is worth keeping the wording precise. These are funding commitments, which signal intent to invest, and the round’s full terms and participant list have not been detailed.
What this means for exchanges, investors, and users
For exchanges, the lesson is that hardware wallets and key ceremonies are only part of the picture. The laptops, approval flows, and delegation permissions surrounding those keys are now visible targets, and one engineer’s compromised device was reportedly enough to start the cascade here.
For crypto users, the approximately $3 billion that Binance froze is the most tangible piece of news.
The things to watch next are fairly clear. First, how much of the frozen amount ultimately returns to its rightful owners. Second, whether other exchanges publicly audit their signing infrastructure and EIP-7702 exposure in the wake of this attack. Third, whether Blockaid’s funding commitments convert into a closed round, and whether rivals announce raises of their own.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.
