Binance rebuilds withdrawals after breach as reports detail EIP-7702 drain and automated fund transfers

Reports say the attacker used Ethereum’s EIP-7702 authorization feature, which enables wallet delegation, to bypass wallet controls. Bitcoinist reported that about $2.5 billion was drained from Binance’s Ethereum hot wallet through the feature ^{[1] [2]}.

Binance is rebuilding its withdrawal service after a breach it estimates at $6.3 billion, The Defiant reported. Binance chief executive Richard Teng also said attackers destroyed tools and traces during the intrusion ^[3].

CryptoProwl, citing Chainalysis, reported that hackers were using automated transactions to move stolen funds among thousands of wallets, repeatedly circulating assets to make them harder to trace. Its report described the exploit as $6.4 billion, compared with Binance’s $6.3 billion estimate reported by The Defiant ^{[3] [4]}.