According to CoinMeta, the attackers are suspected of exploiting a vulnerability in Ethereum (identified as eip-7702) to obtain signing authorization. Without directly accessing the private keys associated with Binance wallets, they installed malicious code and invoked the sweep function to transfer ETH and dozens of other tokens to their controlled wallets. The same authorization was also used to transfer $780 million in USDC from another Binance hot wallet, followed by the transfer of nearly 195,500 ETH tokens to a newly created wallet. Binance assured that users' funds are safe and is currently conducting an investigation.