Developer warned of EIP-7702 asset theft risk in community forum two years ago

According to TechFlow, on October 30, amid reports that Binance may have been hacked, some views suggest attackers may have exploited Ethereum's EIP-7702 mechanism to control wallets and move funds. In response, X user 0xVEER posted that developer 0xjustadev had warned about "this situation" about two years ago during the EIP-7702 discussion.

The attached screenshot shows that in October 2024, in an Ethereum community forum discussion thread for EIP-7702 (Set EOA account code), a developer pointed out that current phishing techniques mostly target EIP-712 signatures, which are reasonably readable and easier to simulate, while this proposal could allow attackers to move all valuable assets, including the native token, through signatures that are less readable and harder to simulate. The developer also expressed concern that wallets may adopt highly centralized contract signature whitelists as a result, representing a regression in security and decentralization.

At present, whether this incident is indeed related to EIP-7702 has not been officially confirmed by Binance. The above reflects community views only, and the situation is still developing. Please be mindful of the risks.

Source: TechFlow