Hackers paid US$15 to drain US$2.5b from Binance in one hit
Fake job ads tricked a Binance engineer into downloading malware, paving the way for a crypto heist.
Hackers stole $6.3 billion from Binance, using 40% in one transaction costing just $15. By utilizing an Ethereum software upgrade, EIP-7702, they exploited a feature that allowed a wallet to grant software permission to move funds on its behalf, rather than requiring separate authorizations for each transfer. This shortcut reduced the need for multiple transactions and increased the likelihood of remaining undetected.
Binance fell victim to a sophisticated, multi-stage campaign, starting with fake job postings to deceive an engineer into downloading malicious code. Once inside, the hackers targeted Binance's "hot wallet" and transferred roughly $2.5 billion in a single transaction, leveraging the new permissions provided by EIP-7702. Binance has acknowledged the role of EIP-7702 in the hack and has taken measures to address the risks associated with the feature.
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