EIP-7702 lets regular wallets execute contract code. Attackers used it to add a self-destruct mechanism and bypass Binance’s approval controls. Richard Teng said so himself. An upgrade meant for batch transactions and gas sponsorship was turned into a withdrawal channel. Binance set aside $6.34 billion to cover losses and said it holds $5 billion worth of tokens that will be included in its next proof of reserves. As for recovery, about $3 billion was frozen. Tether and Circle acted before the attacker could swap the stablecoins for assets that can’t be frozen, and the FBI and Secret Service also got involved. My take is simple: once wallets can run contracts, the approval gate is no longer something an exchange can unilaterally close. $ETH $BNB