Ethereum wallet permission used in Binance attack, Blockaid says

Security firm Blockaid says an attacker used Ethereum’s EIP-7702 wallet feature to connect a Binance account to code capable of draining its assets. Its findings offer a closer look at the transfers flagged during the exchange’s October 29 security incident. Key to the analysis are the wallet permissions. According to Blockaid, after a total of 50 different variations were submitted in a single transaction by the attacker, one permission kicked in, and the dangerous code got a route to grab money out of the account. How the permission took effect Through EIP-7702, an Ethereum account can delegate the execution of functions to a smart contract. Permissions are granted to the smart contract code, which determines permitted operations.

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