Binance Attacker Used Ethereum's EIP-7702 to Bypass Withdrawal Controls, CEO Teng Says, in Breach Estimated at $6.3 Billion
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· body · New information from a source
A wallet labeled as belonging to Binance was emptied minutes after the EIP-7702 Ethereum upgrade went live, triggering a subsequent 780 million USDC transfer from a smart wallet it controls.Binance estimates losses at $6.3 billion and is rebuilding its withdrawal service after the intrusion.Security researchers say the upgrade did not cause the breach but may have helped attackers bypass withdrawal safeguards and destroy forensic traces.- A wallet labeled as belonging to Binance was swept minutes after it underwent an EIP-7702 delegation, according to The Defiant.
- The same delegated account later triggered a separate 780 million USDC transfer from a smart wallet it controls; The Defiant reports it remains unconfirmed whether these transfers were authorized.
- Binance CEO Richard Teng said the attacker used EIP-7702, an Ethereum upgrade that lets standard wallets temporarily behave like smart contracts, to bypass the exchange's withdrawal controls, according to The Defiant.
- Teng said Binance is rebuilding its withdrawal service following the intrusion, which the exchange estimates cost $6.3 billion.
- He also said the attackers destroyed tools and traces during the breach, The Defiant reported.
- Security experts cited by Cointelegraph said attackers could have drained Binance's wallets even without EIP-7702, but that the upgrade may have helped them get around withdrawal safeguards and amplified the losses.
· summary · New information from a source
A Binance-linked wallet was swept shortly after Ethereum's EIP-7702 upgrade enabled account delegation; the exchange disclosed a $6.3 billion breach.- A Binance-labeled wallet was swept minutes after an EIP-7702 delegation, and Binance CEO Richard Teng says the attacker used the Ethereum upgrade to bypass withdrawal safeguards in a breach estimated…
· headline · New information from a source
Binance-Labeled Wallet Drained Minutes After EIP-7702 Delegation; $6.3 Billion Breach Disclosed- Binance Attacker Used Ethereum's EIP-7702 to Bypass Withdrawal Controls, CEO Teng Says, in Breach Estimated at $6.3 Billion
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A wallet labeled as belonging to Binance was swept minutes after it underwent an EIP-7702 delegation, according to The Defiant. The same delegated account later triggered a separate The delegated account later triggered a separate 780 million USDC transfer from a smart wallet it owns.
USDC transfer from a smart wallet it controls; The Defiant reports it remains unconfirmed whether these transfers were authorized.
Binance CEO Richard Teng said the attacker used EIP-7702, an Ethereum upgrade that lets standard wallets temporarily behave like smart contracts, to bypass the exchange’s withdrawal controls, according to The Defiant. Teng said Binance is rebuilding its withdrawal service following the intrusion, which the exchange estimates cost Binance is rebuilding its withdrawal service after a breach it estimates at $6.3 billion.
. He also said the attackers destroyed tools and traces during the breach, The Defiant reported.
Security experts cited by Cointelegraph said attackers could have drained Binance’s wallets even without EIP-7702, but that the upgrade may have helped them get around withdrawal safeguards and amplified the losses.
Circle’s USDC was the asset involved in the separate 780 million transfer tied to the delegated account, per The Defiant’s reporting.
Sources: The Defiant, Cointelegraph
This article is for information only and is not financial advice.
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Story so far 2 updates
- flashBinance-Labeled Wallet Drained Minutes After EIP-7702 Delegation; $6.3 Billion Breach Disclosedfirst reported · 2 sourcesthedefiant.io · cointelegraph.com
- storyBinance Attacker Used Ethereum's EIP-7702 to Bypass Withdrawal Controls, CEO Teng Says, in Breach Estimated at $6.3 Billionupdate · 2 sourcesthedefiant.io · cointelegraph.com
