BUSINESS TIMES SG · 2026-11-06 11:19 UTC

Binance hackers weaponised feature that makes crypto wallets easier to use

Hackers who stole US$6.3 billion from Binance used Ethereum's EIP-7702 upgrade, which lets a wallet grant software permission to act on its behalf, to move about US$2.5 billion in one transaction. The permission was set up with a routine network fee of about US$15, with no money moved at that step; the attacker's software then emptied the Binance 14 hot wallet about three and a half minutes later. Binance said the attack was a multi-stage campaign that began with phony job postings used to deceive an engineer into downloading malicious code.

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