Binance Hack Shows How One Ethereum Permission Drained $2.5 Billion
Summary
An attacker reportedly used a malicious Ethereum EIP-7702 authorization to control Binance’s “Binance 14” hot wallet and transfer about $2.5 billion in ETH, USDT and other tokens. The wallet drain was part of a broader breach Binance estimated at $6.3 billion across multiple networks. Binance said it found no evidence of leaked private keys and suspected a DevOps engineer’s compromised laptop may have enabled unauthorized withdrawals. Around $3 billion was reportedly frozen, with recovery efforts ongoing. The incident highlights risks in authorization controls, but does not demonstrate a flaw in EIP-7702 itself.
