Binance co-founder He Yi tweeted that user funds are safe. Binance will bear all losses from the hackers. Deposits and withdrawals are temporarily suspended while the team conducts security checks, freezes funds, and cooperates with law enforcement. A full post-incident report will be released upon completion of the investigation; please rely solely on official Binance channels for updates. According to analysis by blockchain security firm Blockaid, the attackers exploited the Ethereum EIP-7702 authorization mechanism to delegate the account code of Binance 14 hot wallet to an unverified malicious asset transfer contract. This contract only allowed the specified address to execute the `sweep()` function, which could transfer ETH and ERC-20 tokens from the wallet, reserving 1 ETH for gas payments. Because the attackers could not determine the hot wallet's real-time nonce, and EIP-7702 authorization must match the account nonce at the time of transaction execution, the attackers submitted authorizations with 50 different nonces in a single Type-4 transaction, with only one successfully matching and enabling the malicious delegation. https://(wublock123.com)/news/binance-confirms-user-funds-safe-covers-losses-withdrawals-paused-eip-7702-hot-wallet-attack-70983