Binance Hack Shows How One Ethereum Permission Drained $2.5 Billion

TL;DR Binance hack shows an attacker reportedly used Ethereum’s EIP-7702 authorization feature to drain approximately $2.5 billion from Binance’s Ethereum hot wallet. The attacker gained the ability to move funds without repeatedly requesting individual transaction approvals. The incident forms part of a wider Binance security breach estimated at $6.3 billion. Binance suffered one of the largest cryptocurrency security incidents on record after an attacker exploited an Ethereum authorization mechanism to drain approximately $2.5 billion from one of its hot wallets.