One Ethereum Authorization Enabled a $2.5 Billion Binance Wallet Drain

A single EIP-7702 authorization preceded a transfer of assets valued at about $2.5 billion from Binance’s Ethereum hot wallet on Oct. 29, after delegated code was activated on the wallet. The authorization transaction was submitted at 4:20:59 p.m. ET (20:20:59 UTC) with 50 prepared authorizations for consecutive wallet nonces. One matched. About four minutes later, a call through the wallet moved 167,464 Ether (ETH), 1.615 billion Tether (USDT) and 62 other tokens. EIP-7702 lets an externally owned Ethereum account delegate code execution to another address.