Odaily, citing monitoring from Bitcoin News, reported that on-chain analysis suggests an attacker may have used Ethereum’s EIP-7702 mechanism to obtain signed authorization and install malicious code without directly accessing the private keys of wallets linked to Binance. The attacker then called a function named "sweep" to move ETH and dozens of tokens into a wallet under its control. The same delegated permission was also said to have been used to transfer $780 million in USDC from another Binance hot wallet. On-chain data further showed that the attacker’s transaction relayer was funded through Tornado Cash, after which nearly 195,460 ETH was moved into a newly created wallet. How the authorization was obtained remains unclear. Binance said user funds are safe and that it is investigating the matter.
Odaily reported, citing monitoring from Bitcoin News, that on-chain analysis indicates an attacker may have exploited Ethereum’s EIP-7702 mechanism to obtain signed authorization and install malicious code without directly accessing the private keys of wallets associated with Binance.
The attacker then called a function named "sweep" to transfer ETH and dozens of other tokens into a wallet under its control. The same delegated permission was also said to have been used to move $780 million in USDC out of another Binance hot wallet.
On-chain records also showed that the attacker’s transaction relayer received funding through Tornado Cash. After that, nearly 195,460 ETH was transferred into a newly created wallet. It remains unclear how the attacker obtained the relevant authorization.
Binance said user funds are safe and that it is investigating the incident.
This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan. Disclaimer:
The market information, project data, and third-party content displayed on this platform are for industry information sharing only and do not constitute any form of investment advice or return commitment.
Cryptocurrency trading carries high risks. Users should fully assess their risk tolerance and make independent decisions. All profits, losses, and legal responsibilities are borne by the users themselves.
