$2.5 Billion Binance Heist Exploited Ethereum's EIP-7702 Feature, Hackers Paid Just $15 in Fees
Hackers used an Ethereum EIP-7702 permission to transfer approximately $2.5 billion from Binance in a single transaction, paying just $15 in fees.
The permission allowed attackers to continue draining a hot wallet even after Binance halted withdrawals.
Bloomberg reported that the single transfer accounted for around 40% of the record $6.3 billion theft.
Binance said it revoked the malicious delegation and rebuilt the affected infrastructure to prevent further unauthorised access.
The FBI attributed the record heist to North Korea's TraderTraitor group. Pyongyang rejected the accusation, calling it "a trite provocation".
Key takeaway: The attack highlights how a compromised wallet delegation can enable massive losses despite emergency withdrawal restrictions, raising fresh concerns over crypto infrastructure security.
Hackers used an Ethereum EIP-7702 permission to transfer approximately $2.5 billion from Binance in a single transaction, paying just $15 in fees.
The permission allowed attackers to continue draining a hot wallet even after Binance halted withdrawals.
Bloomberg reported that the single transfer accounted for around 40% of the record $6.3 billion theft.
Binance said it revoked the malicious delegation and rebuilt the affected infrastructure to prevent further unauthorised access.
The FBI attributed the record heist to North Korea's TraderTraitor group. Pyongyang rejected the accusation, calling it "a trite provocation".
Key takeaway: The attack highlights how a compromised wallet delegation can enable massive losses despite emergency withdrawal restrictions, raising fresh concerns over crypto infrastructure security.