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In the early hours of October 30, 2026, a hot wallet labeled "Binance 14" by Binance was submitted with 50 EIP-7702 authorizations. Three minutes and 24 seconds later, 167,464 ETH, 1.615 billion USDT, and 63 types of tokens were swept away, with cross-chain losses of $5.5 billion to $6.2 billion. Huxiu reported that Bitcoin fell below $78,500 and Ethereum lost $2,250, with $629 million liquidated across the entire network in one hour; issuers such as Tether and Circle froze assets, and Binance verified that the total frozen amount was $3 billion. Shenyu's review stated that no contract vulnerability was seen on-chain, the private key was still in Binance's hands but the malicious authorization had not been revoked, and the hacker may have induced the signing of a Type-4 transaction in the signing or operations pipeline. On October 31, A Yi AI Notes used Claude Opus 5.5 to generate a review video, sorting out the on-chain process by which $6.3 billion was moved out of Binance's hot wallet, and concluded that the key was that the hacker did not steal the private key, but instead used EIP-7702 delegated authorization to make Binance's signing system sign for the hacker's contract; the authorization contained no amount or receiving address, making it difficult for traditional risk controls to identify.
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AYi says he used Claude Opus 5.5 to generate a Binance hack retrospective video
Source:Ayi AI NotesBinance hot wallet stolen in EIP-7702 malicious authorization attack
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Oct 31
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AYi AI Notes
The Full Story of the $6.3 Billion Binance Hot Wallet Hack: How Hackers Used EIP-7702 Delegation Authorization to Bypass Signatures
AYi AI Notes used Claude Opus 5.5 to generate a retrospective video laying out the on-chain process by which $6.3 billion was moved out of Binance's hot wallet. The author argues that the key point is that the hackers did not steal private keys; instead, they exploited Ethereum's EIP-7702 delegation authorization to make Binance's signing system sign for the hackers' contract. The authorization contained no amount or recipient address, making it hard for traditional risk controls to detect. The article states that the hackers signed 50 authorizations in succession, with the 16th taking effect after matching the nonce, and then a single call moved out 167,000 ETH, 1.62 billion USDT and more than 60 other tokens, leaving only 1 ETH in the wallet.
Oct 30
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HuxiuSelected
Binance hot wallet hacked for approximately $5.8 billion: a retrospective of the largest exchange theft in crypto history
In the early hours of October 30, 50 EIP-7702 authorizations were submitted to a hot wallet labeled "Binance 14" by Binance; 3 minutes and 24 seconds later, 167,464 ETH, 1.615 billion USDT and 63 types of tokens were swept away, with cross-chain losses of $5.5 billion to $6.2 billion. Bitcoin fell below $78,500 and Ethereum lost the $2,250 level; liquidations across the network totaled $629 million in one hour, issuers including Tether and Circle froze assets, and Binance verified a total of $3 billion in frozen funds. Shenyu's retrospective stated that no contract vulnerability was seen on-chain, the private keys remain in Binance's hands but the malicious authorization has not been revoked, and the hacker may have induced the signing of a Type-4 transaction within the signing or operations pipeline.
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