Binance Hack Estimated at $6.3B; Sources Split on EIP-7702 Role
Reports tie an Ethereum account-permission feature, EIP-7702, to the drain of about $2.5 billion from a Binance Ethereum hot wallet. Sources disagree on whether that mechanism explains the full breach, which is estimated at $6.3 billion.
Written by CoinArticle’s AI Newsroom · from 2 cited sources. How we work
The Core Figures
Bitcoinist reports that an attacker used Ethereum's EIP-7702 authorization feature to drain approximately $2.5 billion from Binance's Ethereum hot wallet. The same report puts the wider Binance security breach at an estimated $6.3 billion. CCN's account gives the same $6.3 billion total but disputes how much of it that mechanism accounts for.
Where the Sources Disagree
The central disagreement is attribution. Bitcoinist frames EIP-7702 as the enabling permission behind the breach, saying it let the attacker move funds without requesting a separate transaction approval each time. CCN states that EIP-7702 enabled the sweep of Binance's main Ethereum wallet but does not explain the full $6.3 billion. In CCN's reading, roughly $3.66 billion moved through other routes, including ordinary transfers.
By CCN's figures, the EIP-7702 portion is therefore about $2.5 billion and the remaining $3.66 billion was taken without that feature. The two accounts do not conflict on the $2.5 billion number, but they do differ on how much of the total the feature can explain.
Scope and Open Questions
Neither source provides a settled breakdown of the attack path, and the figures in both reports are the outlets' own reporting rather than a confirmed accounting from Binance. Readers should treat the $6.3 billion total as the most widely cited estimate and the $2.5 billion EIP-7702 figure as attributed to the attack's reported mechanism, pending further disclosure.
The split matters for how the incident is read. If EIP-7702 is the primary cause, the story is about a new Ethereum permission model. If it is a contributing route, the story is more about custody and wallet security across several vectors.
Why It Matters
For Traders
Reported losses at a major exchange's hot wallets may pressure exchange-linked sentiment while the attack path and recovery status remain unclear.
For Investors
Custody failures at a top exchange raise counterparty risk questions that extend beyond one firm and one chain.
For Builders
Any wallet or protocol using EIP-7702 delegation should audit how authorization scope and revocation are handled before relying on it.
This article is for information only and is not financial advice. Read the full disclaimer.
