❯ Blockaid finds hackers moved about $2.5 billion in one transaction in the Binance theft

One transfer moved about 40% of the stolen fundsBlockaid’s analysis found that about $2.5 billion of the roughly $6.3 billion stolen from Binance on October 29 moved in a single Ethereum transaction, Bloomberg reported. That represents about 40% of the total. The attackers paid approximately $15 in network fees to establish the relevant account permissions. The findings were reported on November 6.

Wallet permissions enabled bulk transfersThe incident involved delegation introduced by Ethereum’s EIP-7702 upgrade, which allows software to act on an account’s behalf. After obtaining a valid signature, the attackers used that authority to move different assets from a hot wallet. Such wallets process customer withdrawals online and hold multiple assets, allowing a single compromised permission to affect substantial funds.

Binance revises signing and revocationBinance said it revoked the affected delegation, rebuilt the relevant wallet infrastructure and updated signing, monitoring and emergency-revocation procedures. It also said it absorbed the financial impact. Because delegation lets software continue acting for an account, detecting an anomaly must be followed by promptly terminating that authority to limit further transfers.

▮ SIGNALAutomated permissions increase the losses a compromised signature can cause, making authorization scope, continuous monitoring and emergency revocation integral to wallet security.