An EIP-7702 delegation preceded the drain of a Binance-labelled Ethereum wallet, transaction records show. Security researcher Odysseus highlighted the sequence, explaining how delegated code can turn an ordinary wallet into a mechanism for sweeping its assets.
EIP-7702 can turn the wallet itself into the sweeper.
— Odysseus (@odysseas_eth) October 29, 2026
The delegation transaction was recorded at 20:20:59 UTC on October 29. Etherscan lists 50 authorizations for Binance 14 with sequential nonces and marks one as valid. These entries were submitted before the drain, rather than inside the later asset-transfer transaction.
Three minutes and 24 seconds later, a separate transaction moved approximately 167,464 ETH from Binance 14 and recorded 63 ERC-20 transfers, including about 1.615 billion USDT. The explorer labels the destination as a Binance hot-wallet exploiter address.
Introduced through Pectra, EIP-7702 lets an externally owned account execute delegated contract code with signed authorization. The specification makes delegation persistent until replaced or cleared. Invalid authorizations are skipped; the rules do not generally limit a transaction to one valid authorization.
Odysseus said either a stolen key or a malicious authorization signed by the owner could enable this path; how the signatures were obtained remains unknown. The Ethereum sequence does not establish who initiated Tron transfers or validate the full loss estimates in our earlier coverage.
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