Here’s how an Ethereum upgrade helped drain part of Binance’s $6 billion loss

coindesk.com5 min read

An attacker exploited an Ethereum upgrade feature called EIP-7702 to drain approximately $2.5 billion from a Binance wallet in less than four minutes. The malicious transaction used 50 valid signatures from a Binance-controlled wallet to grant an attacker-controlled contract operating control. Binance reported total losses of $6.3 billion across multiple blockchains and stated that investigations are examining how the authorization signatures were obtained. Open article →

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