The Binance $5.6B drain is a masterclass in modern EVM exploitation.
It wasn't a complex logic bug. It was an EIP-7702 delegation hijack:
1. Setup: Attacker funds 0x7c86 via Tornado Cash, deploys a sweep contract (0x63e8), and runs three live dry-runs on external wallets.
2. Execution: Attacker submits an EIP-7702 batch with 50 pre-signed authorizations (nonce n to n+49) to hit Binance 14's moving nonce window.
3. One authorization hits. Instantly, Binance 14 (an EOA) is reprogrammed to run the attacker's contract bytecode.
4. Execution looks totally organic: Binance 14 sweeps itself clean. Internal threshold alerts don't trigger because, from the nodes' perspective, the hot wallet is just executing its own transaction.
5. Binance 16 immediately auto-refills 28,000 ETH due to automated treasury rebalance scripts, feeding the exploit loop.
The cold truth: you cannot forge an EIP-7702 delegation list.
For this to execute, the attacker already held the raw private key or unconstrained signing access to Binance 14's HSM/KMS.
But hey, 5.64 billion drained across ETH, BTC, and Tron. 2.54 billion frozen by Tether, Circle, Ripple, and World Liberty within hours.
Code is law until the stablecoin admin keys log in.
Binance got bailed out by the very centralized choke points the cypherpunks warned you about.
Hardware wallets leak your home address.
Centralized exchanges leak the keys to the kingdom.
Self-custody on native, non-delegated chains remains the only honest baseline.
At least you know what to avoid.
It's become clear there are willing volunteers in the community happy to relieve some of the task load the team is having to cope with day to day.
If this describes you, then please send me a DM letting me know how many hours a week you can volunteer. No experience necessary.
"Men wanted for hazardous journey. Low wages, bitter cold, long hours of complete darkness. Safe return doubtful.
Honour and recognition in event of success."
- Ernest Shackleton
It's become clear there are willing volunteers in the community happy to relieve some of the task load the team is having to cope with day to day.
If this describes you, then please send me a DM letting me know how many hours a week you can volunteer. No experience necessary.
It's become clear there are willing volunteers in the community happy to relieve some of the task load the team is having to cope with day to day.
If this describes you, then please send me a DM letting me know how many hours a week you can volunteer. No experience necessary.
@Zac_Aztec Thanks, have a look closer at the arithmetisation / front end logic of the system. That's where the magic happens.
The back end we bind to is where a lot of your commentary lives, and this is Zinc+ which Nethermind are aware they have some way to go still in optimisations.
We’re pleased to report that @moduluszk's zkFOL tech stack is now public for review at https://t.co/Z4fEVjbS0q.
The paper draft is also online at https://t.co/CKqxsrhlqZ
Our docs and website have been updated inline.
CARDANO $ADA FOUNDER CHARLES HOSKINSON IS DEVELOPING A NEW PROGRAMMING LANGUAGE FOR THE NETWORK TO ENABLE SMART CONTRACTS TO EXECUTE TRANSACTIONS AND VERIFY CONDITIONS USING CRYPTOGRAPHIC PROOFS
I’m conscious there are lots of people offering help in my DMs or tagging me in things & it’s appreciated, I just might be a little slow in coming back due to the amount of messages & things to review