Odaily, citing monitoring from Bitcoin News, reported that on-chain analysis indicates an attacker used a malicious EIP-7702 authorization to take control of a Binance wallet, while the wallet key itself remained usable. Based on that analysis, Binance was said to have used the signing key to execute transactions through the compromised wallet and recover $823 million in USDC.
The same monitoring said the attacker had obtained 50 valid authorizations signed by the wallet key. One of those authorizations allegedly activated malicious code and moved 65 different assets. The report also said asset transfers were still continuing even after Tether and Circle blacklisted the attacker’s address. In one cited transaction, a $200 million USDT deposit was moved out just 100 seconds after it arrived.
The claims in the item were attributed to Bitcoin News monitoring and described as on-chain observations.
Odaily reported, citing monitoring from Bitcoin News, that on-chain analysis showed an attacker used a malicious EIP-7702 authorization to gain control of a Binance wallet, while the wallet key remained functional.
According to the monitoring, Binance was said to have used the signing key to execute transactions through the compromised wallet and recover $823 million in USDC.
The on-chain analysis also said the attacker had obtained 50 valid authorizations signed by the wallet key. One of them allegedly activated malicious code and moved 65 assets. The report added that transfers were still continuing even after Tether and Circle blacklisted the attacker’s address; in one case, a $200 million USDT deposit was moved out just 100 seconds after it was received.
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