GoKawiilBinance Loses $6.3B as Attackers Exploit Ethereum EIP-7702 Flaw
On Oct. 29, attackers drained roughly $6.34 billion in cryptocurrency from at least 11 Binance-owned wallets by exploiting a feature of Ethereum's EIP-7702 smart-account standard to install malicious "sweeper" code. Binance's internal systems detected unusual activity within minutes, but the malicious authorization kept functioning for about four hours, ultimately emptying a treasury wallet of roughly $2.5 billion across dozens of cryptocurrencies down to a single ETH coin.
GoKawiil's interpretation of the reporting above, not reported fact.
The incident suggests Binance lacked a pretested mechanism to quickly revoke malicious on-chain authorizations, according to security researchers, even though sweeper exploits tied to EIP-7702 were already a known risk. BlockAid's CEO notes that such authorizations act as standing delegations invisible to normal withdrawal controls, which could prompt other exchanges to reassess how they monitor and revoke smart-account permissions before similar exploits recur.
- Attackers stole about $6.34 billion from at least 11 Binance wallets on Oct. 29.
- The breach exploited Ethereum's EIP-7702 account abstraction feature via malicious 'sweeper' code.
- Binance detected the attack within minutes but could not stop fund drainage for roughly four hours.
Source: darkreading.com — Robert Lemos, 2026-11-13
Published there as: “Attackers in Binance Breach Targeted Known Weakness, Missing Controls”
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