Hackers stole billions from Binance in a sophisticated attack that involved months of planning, exploiting Ethereum's EIP-7702 mechanism to delegate execution rights over Binance hot wallets to attacker-controlled smart contracts. The attackers drained hundreds of thousands of SOL, tens of millions of OP tokens, and over 18,000 BTC before Binance detected the breach and suspended withdrawals. Containment was complicated by the fact that the malicious on-chain authorizations operated independently of Binance's withdrawal infrastructure, and the use of Multi-Party Computation (MPC) wallets meant there was no single private key to quickly revoke them, though Binance ultimately froze $2.85 billion in assets.
