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. Binance confirmed Friday that it had suffered a $6.3 billion hack, the largest in crypto history, and pledged to cover all losses. The exchange said it uncovered additional points of breach after initially suspecting a compromised laptop belonging to one of its engineers.
EIP-7702 faced security concerns before Binance hack Ethereum introduced Ethereum Improvement Proposal 7702 (EIP-7702) in May 2025 as part of its Pectra upgrade, allowing ordinary wallets to use smart-contract features such as bundled transactions and sponsored gas fees. Security concerns emerged within weeks. In May 2025, crypto trading firm Wintermute reported that most early EIP-7702 delegations pointed to malicious contracts designed to automatically drain compromised wallets.