Binance ties $6.34 billion drain to four-month developer compromise

Binance published its first report on the Oct. 29 theft, describing a four-month campaign that began with a compromised developer install and ended with a stolen deployment token and an Ethereum EIP-7702 exploit against an MPC hot wallet. The exchange attributes a $6.34 billion drain to that chain of failures. The disclosure matters to traders because it exposes operational and key-management risk at the largest exchange and raises questions about how EIP-7702 delegation can be abused against hot wallets.