Binance suffers $6.3 billion loss in hot wallet attack
On October 29, 2026, Binance experienced a significant security incident involving the draining of multiple hot wallets. The attacker utilized EIP-7702 delegation to control and transfer funds across various chains.
On October 29, 2026, multiple Binance hot wallets, particularly Binance 14 on Ethereum, were compromised, resulting in the loss of billions in assets. The attacker employed EIP-7702 delegation to gain control over the wallets and swiftly sweep funds across several chains. This incident is noted as one of the largest security breaches in the history of cryptocurrency exchanges.
In response to the attack, Binance suspended all deposits and withdrawals, assuring users that their funds were safe and that the exchange would cover all losses incurred. Additionally, stablecoin issuers acted quickly to freeze significant amounts of assets related to the incident, mitigating further potential losses.
The scale of the loss is reported at $6.3 billion, highlighting the severity of the breach. The specific chains involved in the sweeping of funds were not detailed, but the use of EIP-7702 suggests a sophisticated method of delegation and control over the assets. The on-chain record indicates that the funds were moved across various chains, although specific addresses were not provided.