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SlowMist’s Yu Xian: The Binance attacker’s on-chain operations were crude and had prior rehearsals, with EIP-7702 used solely to streamline bulk fund siphoning.

58 minutes ago

SlowMist founder Yu Xian posted that attackers adopted EIP-7702 on Ethereum primarily to facilitate the bulk siphoning of tokens from Binance-associated hot wallets. On-chain data shows the attackers' operations were relatively crude, and they conducted several hours of rehearsal preparations before the actual token heist. One can refer to the first five transaction records of the relevant addresses for details. Yu Xian noted that the EIP-7702 mechanism itself has no issues, and even without the protocol, there would still be other ways to achieve similar effects.

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