Blockchain security firm Blockaid reported that hackers exploited Ethereum's EIP-7702 authorization mechanism to attack 14 Binance hot wallets. Unable to determine the real-time nonce of the wallets, the hackers submitted 50 authorization attempts with different nonces in a single Type-4 transaction. One of these attempts successfully matched, activating the malicious delegation. This authorization delegated the hot wallet account code to a malicious asset transfer contract, allowing the attackers to transfer ETH and ERC-20 tokens from the wallet and potentially affecting subsequent incoming assets.