ethereum ·
Binance hack: How one wallet trick led to a $6.3 billion breach
The Binance hack has exposed how an attacker used a single successful Ethereum wallet authorization to gain control of a major exchange wallet, as Binance estimates that the October 29 security breach affected about $6.3 billion in cryptocurrency.
3 outlets · crypto.news · coingape.com · cryptonews.com
According to blockchain security firm Blockaid, the attacker exploited Ethereum's EIP-7702 authorization mechanism to redirect Binance's heavily used Binance 14 hot wallet to a malicious smart contract. The attacker submitted 50 authorizations in one transaction, but only one matched the wallet's transaction counter and successfully activated the contract.
Binance's October 30 security update identified a potentially compromised DevOps engineer's laptop as the initial entry point. The exchange said about $3 billion in affected assets had been frozen and pledged to cover customer losses.
