EIP-7702 is an Ethereum upgrade activated in May 2025 that lets standard wallets temporarily take on smart contract abilities, such as batched transactions, gas sponsorship and limited-permission keys. However, delegated code gets full access to the wallet's funds. On October 29, 2026, an attacker drained some $6.4 billion from Binance wallets across 10 blockchains, mostly within about 20 minutes, and TRM Labs and Chainalysis attributed the theft to North Korea's TraderTraitor group. On Ethereum, the attacker used 50 pre-signed authorizations to turn a Binance hot wallet into a sweeper, while Binance wallets on the other 9 blockchains sent funds through ordinary signed transfers. TRM Labs said this points to a compromise of Binance's hot wallet signing infrastructure rather than a flaw in Ethereum itself.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Decrypt ↗
Keywords
cryptocybersecurityBinanceEthereum
Open a keyword to see other news on the same topic.
Related tickers and likely impact
BNB/USDT
▼ Likely negativeBNB
Relevance: high
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Exchange tokens |
| Market cap | $97.5B |
| Close on 10/29/2026 | 698.46 |
| Change that session | -8.08% |
ETH/USDT
• NeutralEthereum
Relevance: low
| Market | Crypto |
|---|---|
| Exchange | Binance |
| Sector | Layer 1 |
| Market cap | $285.6B |
| Close on 10/29/2026 | 2,253.13 |
| Change that session | -4.52% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Here’s how an Ethereum upgrade helped drain part of Binance’s $6 billion loss
- EIP-7702 didn’t cause Binance hack, but may have amplified losses
Blockaid says compromised signing systems likely enabled Binance's $6.3 billion hack, the largest in crypto history, while the Ethereum EIP-7702 upgrade may have helped attackers bypass security checks by consolidating the theft into one sweep. Attackers could have stolen the funds without the upgrade, according to Blockaid's CEO Ido Ben-Natan, who suspects a compromised developer computer gave access to Binance's wallet-signing infrastructure. Binance confirmed the hack and pledged to cover all losses, first suspecting an engineer's laptop before uncovering more breach points, while CEO Richard Teng said investigators found no evidence that private keys leaked. EIP-7702, introduced in May 2025 with the Pectra upgrade, had drawn earlier security concerns over malicious delegations that drained wallets in May and September 2025. Ambire's Ivo Georgiev said the upgrade made little difference but warned that engineers might overlook revoking a malicious delegation after regaining control.
- Amazon and Intel earnings lead to a tech sell-off, and Binance is hacked for $6.3B
The 8:30 show discusses Amazon's (AMZN) weak quarterly earnings and Intel's (INTC) blame of slow PC sales for its own weak results. It also covers the $6.3 billion Binance hack with Clear Street analyst Owen Lau, plus an interview with Lawrence Sprung of Mitlin Financial.
- Inside the hunt for the hacker group that stole $6.3 billion: Where do the investigation leads point?
The $6.3 billion theft reportedly began when a DevOps engineer's laptop on Binance's internal infrastructure was compromised, rather than through a leak of wallet private keys. The exchange worked with blockchain partners to freeze about $3 billion on-chain, pledged to cover all losses from company funds and its emergency reserve, and expects to resume withdrawals within 48 hours. Blockchain analysts including TRM Labs and Chainalysis said the attack bears the hallmarks of North Korean cybercriminal groups, which Pyongyang firmly denied, calling the accusations fabricated. Co-CEO Richard Tend said the investigation has not yet identified any individual responsible or found evidence of a private-key leak. Bitcoin hit a six-week low of $76,368, while Ether fell more than 3% to a two-month low of $2,178 before markets stabilized.
- World's Largest Crypto Heist: Hackers Steal $6.3 Billion From Binance in Just 20 Minutes
Binance, the world's largest cryptocurrency exchange, lost $6.3 billion to hackers in a record heist that TRM Labs and Chainalysis attribute to North Korea. According to the two firms, most of the attack took place within about 20 minutes starting late on October 29, with assets moved to wallets controlled by the hackers. Binance said the initial cause was a compromised laptop belonging to an engineer, that about $3 billion has been located, and that withdrawals are expected to resume within 48 hours, while it did not address the status of the remaining $3.3 billion. Bitcoin hit a six-week low of $76,368, Ether fell to $2,178, and BNB dropped 5% to $709.70.
- Binance working with FBI to recover assets following $6.3B hack
Binance is working with law enforcement, including the FBI according to a source, to recover stolen funds from the record $6.3 billion exploit. The exchange said $3 billion of the stolen assets have been frozen by industry partners and that it has set aside more than $6.34 billion of company funds to cover losses, $5 billion of which is held in the exact stolen tokens. According to DefiLlama, Binance processed about $6 billion in outflows over the past 24 hours. The article also recalls that in 2022 the US Justice Department seized 94,000 Bitcoin worth $3.6 billion linked to the 2016 Bitfinex hack.
Related markets
Latest news
- Apple Sentiment Cautious On December-Ending Quarter Outlook
Apple stock is trading near record highs ahead of its fiscal fourth-quarter report, due late Monday.
- Amazon Says It Will Start Selling Its AI Chips to Other Companies in 2027
In its third-quarter call on October 29, 2026, CEO Andy Jassy said Amazon will start selling its Trainium AI chips to outside companies in late 2027, but named no buyers, prices, volumes or revenue targets. Diluted EPS of $1.89 missed the $1.96 consensus, and shares fell 7.30% to $226.00 after hours, following a 4.25% regular-session drop. Trailing 12-month free cash flow was a $42.4 billion outflow against about $220 billion of 2026 capital spending, and selling chips outright books revenue sooner than renting them through AWS over a five-to-six-year life. The open-sourced TorchNeuron software lets PyTorch code run on Trainium and could weaken NVIDIA's CUDA lock-in, though NVIDIA still leads with data center revenue of $89.02 billion in one quarter, up 117%. AWS sales rose 39% to $46.0 billion, while supply of advanced chips remains the main constraint.
- Wall Street tech rout deepens on doubts over AI spending
US tech giants' shares were battered on Friday after a week of earnings that left Wall Street questioning whether the AI spending boom is sustainable. Microsoft, Alphabet, Amazon and Meta are on track to spend more than $700 billion on capital investment this year, much of it on AI infrastructure, according to analyst estimates. Intel shares sank as much as 30 percent after a weaker-than-expected fourth-quarter revenue forecast, citing weak PC demand and manufacturing bottlenecks. Amazon shares fell after it missed third-quarter expectations, while Alphabet dropped 12 percent on Thursday, its worst day since the 2004 IPO, as search advertising weakened and one analyst called the returns on its AI investments 'not very good'. Steve Sosnick of Interactive Brokers said the tech stocks had been priced for perfection, so anything less than perfect could hurt them.
- Trump’s Commerce Department’s Intel Stake Fell By More Than $10 Billion In A Day As Stock Craters
Intel (NASDAQ: INTC) shares fell 28.41% to $65.91 at 10:29 a.m. ET on October 30, 2026, from a $92.07 close on October 29. Third-quarter revenue rose 21% to $16.5 billion and adjusted EPS beat estimates, but fourth-quarter guidance of $15–16 billion in revenue and $0.25 in adjusted EPS fell short of expectations, and Intel projects the PC market shrinking 12% in 2026. The Commerce Department bought 433,323,000 new shares for about $8.9 billion under its August 2025 agreement, and the stake is now worth about $28.56 billion, down about $11.34 billion in one session but still about 3.2 times its cost. The article identifies the foundry unit's $1.85 billion third-quarter operating loss as the weak spot and notes Intel has declined to name its foundry customers.
- Treasury Department announces new Series I bond rate of 5.51% for the next six months
The U.S. Treasury set a new 5.51% annual rate for Series I bonds bought from Nov. 1 through April 30, up from 4.26% for purchases through Oct. 31. The rate combines a 4.08% variable portion tied to inflation and a 1.40% fixed portion, the highest fixed rate since 2006 and up from 0.90% announced in April. Inflation has picked up, with the consumer price index rising 3.7% in September 2026 from a year earlier (3.4% in August), partly due to the Iran war pushing up gasoline and energy costs. Experts say investors who redeemed I bonds as rates fell could return if inflation pushes rates up. A holder's fixed rate stays the same for the whole holding period, while the variable portion resets every six months. Bonds cannot be redeemed within the first year, and redeeming within five years forfeits the last three months of interest.
- Why Deutsche Bank says the AI dollar is here
Deutsche Bank told clients on Friday that the dollar's role as a safe haven should not be taken for granted in an AI-driven market correction, after tech stocks and the dollar sold off together. George Saravelos, the bank's global head of FX research, said the U.S. relies on foreign equity inflows to an unprecedented degree, and these inflows currently finance the entire U.S. current account deficit. He estimated that roughly 90% of the more than $20 trillion in U.S. equities held by foreigners reflects price gains rather than additional buying. He warned that if an equity shock is U.S.-centric, the dollar-equity correlation could turn positive, making the dollar add to equity losses and prompting hedging shifts. He said risks to the dollar are now far more two-sided than the market has priced in over the past few weeks.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.