EIP-7702 didn’t cause Binance hack, but may have amplified losses

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.