EIP-7702 didn’t cause Binance hack, but may have amplified losses
Security experts say attackers could have drained Binance’s wallets without EIP-7702, but the Ethereum upgrade may have helped bypass withdrawal safeguards.
Compromised signing systems likely enabled Binance’s $6.3 billion hack, while Ethereum’s EIP-7702 upgrade may have helped attackers bypass security checks, according to blockchain security firm Blockaid.
Attackers could have stolen the funds without EIP-7702, Ido Ben-Natan, Blockaid’s co-founder and CEO, told Cointelegraph on Friday.
“The 7702 upgrade is a way to do this in one sweep and maybe a way to bypass some sort of checks they may have,” Ben-Natan said, explaining that attackers otherwise would have needed multiple transactions.