Binance Hack Used Ethereum EIP-7702 to Sweep $2.5 Billion

An Ethereum wallet authorization using EIP-7702 enabled a single $2.5 billion sweep during the Oct. 29 Binance breach, showing how the network feature let attackers move assets from an exchange hot wallet in one transaction. A transaction at 4:20:59 p.m. ET (20:20:59 UTC) contained 50 authorizations signed by Binance’s “Binance 14” wallet. One matched the wallet’s nonce and delegated it to attacker-controlled code. Three minutes and 24 seconds later, a sweep transferred 167,464 Ether (ETH) and tokens including 1.615 billion Tether (USDT), valued at about $2.5 billion at the time. The $2.5 billion figure covers the first sweep; total Ethereum outflows were estimated at about $3.79 billion. Transfers across 10 blockchains were valued at about $6.36 billion at transfer-time prices, with most occurring in roughly 20 minutes from 4:05 p.m.

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