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

Publisher
Cointelegraph (News media)
Original
https://cointelegraph.com/news/binance-hack-security-ethereum-eip-7702-role
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First seen
Last captured
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Newest first. The raw hash is the SHA-256 of the stored copy exactly as fetched. We keep the copy privately and publish its hash. The text hash is of the text extracted from it, which is what is compared between captures.

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firecrawl-web082009b95e798ed04834c1ef061da5095f525de66c90db8f4c79be1ed840ce3fd55ebe4820b4251a19ed8aff11aa585ae6b427eebf495fa3dd2bf37d8287dddf4cb64No

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Claims quoted from this source

Reportedroot causeStatement 352

Cointelegraph reported that Blockaid CEO Ido Ben-Natan said attackers could have stolen the funds without EIP-7702.

Attackers could have stolen the funds without EIP-7702, Ido Ben-Natan, Blockaid’s co-founder and CEO, told Cointelegraph on Friday.

Speaker
Ido Ben-Natan
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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sha256 9b95e798ed04
Event time
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Reportedroot causeStatement 353

Cointelegraph quoted Ido Ben-Natan of Blockaid as saying the 7702 upgrade is a way to do this in one sweep and maybe a way to bypass some checks.

“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,”

Speaker
Ido Ben-Natan
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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sha256 9b95e798ed04
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Reportedroot causeStatement 354

Cointelegraph reported that Ethereum community member VEER said EIP-7702 gave attackers a handy sweep button on Ethereum.

VEER later said the Binance attack appeared broader than a single malicious signature, but that EIP-7702 gave attackers “a handy sweep button on Ethereum.”

Speaker
Not recorded
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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sha256 9b95e798ed04
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Reportedroot causeStatement 355

Cointelegraph reported that Ambire CEO Ivo Georgiev said EIP-7702 made little difference because the hackers already had the ability to authorize transactions.

Ivo Georgiev, co-founder and CEO of Ethereum wallet provider Ambire, said that EIP-7702 made little difference to the attack because the hackers already had the ability to authorize transactions.

Speaker
Ivo Georgiev
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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sha256 9b95e798ed04
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Reportedroot causeStatement 356

Cointelegraph quoted Blockaid CEO Ido Ben-Natan as saying the signer signed a transaction that it should not have.

“The takeaway is that ultimately the signer signed a transaction that they shouldn’t have,” he said.

Speaker
Ido Ben-Natan
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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sha256 9b95e798ed04
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Reportedroot causeStatement 464

Ido Ben-Natan said attackers may have used a compromised developer’s computer to gain access to Binance’s wallet-signing infrastructure.

Ben-Natan said attackers may have used a compromised developer’s computer to gain access to Binance’s wallet-signing infrastructure.

Speaker
Ido Ben-Natan
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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sha256 9b95e798ed04
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Reportedroot causeStatement 466

Ivo Georgiev warned that exchange engineers might overlook the need to revoke a malicious EIP-7702 delegation after regaining control of their systems.

He said attackers could have drained the funds through other methods, but warned that exchange engineers might overlook the need to revoke a malicious EIP-7702 delegation after regaining control of their systems.

Speaker
Ivo Georgiev
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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Stored copy
sha256 9b95e798ed04
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Reportedroot causeStatement 467

Ivo Georgiev stated that EIP 7702 is a problem because it is very poorly understood.

“This is a problem with EIP 7702, it’s just very, very poorly understood,” Georgiev said.

Speaker
Ivo Georgiev
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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sha256 9b95e798ed04
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ReportedresponseStatement 468

Ido Ben-Natan warned that similar signing-system attacks threaten other exchanges and said transaction simulation could help detect malicious requests before they receive approval.

Ben-Natan warned that similar signing-system attacks threaten other exchanges and said transaction simulation could help detect malicious requests before they receive approval.

Speaker
Ido Ben-Natan
Publisher
Cointelegraph (News media)
Original
EIP-7702 didn’t cause Binance hack, but may have amplified losses
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Stored copy
sha256 9b95e798ed04
Published