Binance co-CEO Richard Teng said in a video update attackers used Ethereum EIP-7702 delegation to gain execution authority over a hot wallet, bypassing normal approval controls.

Binance co-CEO Richard Teng said in a video update attackers used Ethereum EIP-7702 delegation to gain execution authority over a hot wallet, bypassing normal approval controls.

Teng said multiple individuals were involved and used self-destruct mechanisms to erase tools and traces, as summarized by BitcoinNewsCom, Decrypt and Defiant.

Binance estimates the impact at about $6.3B, with about $3B frozen onchain via issuers and partners.

Withdrawals stay paused while Binance rebuilds the withdrawal service, now expected back within about 40 hours ahead of Sunday, while deposits work normally.

Binance says it reserved over $6.34B with $5B already held in the exact impacted tokens and is buying the rest via market and OTC, per its update, to cover all losses via SAFU plus company funds.

A full Proof of Reserves report is promised by Monday, and Binance says it is reviewing endpoints, cloud, key management and signing.