Yu Xian said the Binance hacker used EIP-7702 to batch-sweep tokens from the relevant hot wallets
BIBIBI
AT A GLANCE
Yu Xian said that the Binance hacker used the EIP-7702 to batch-sweep the relevant hot wallets, but that the mechanism itself has no issues.
Article
SlowMist’s Yu Xian:EIP-7702 There is nothing wrong with the mechanism itself; the Binance hacker used it only to facilitate batch theft of coins
PANews October 30 reported that SlowMist founder Yu Xian wrote that the Binance hacker chose the mechanism on Ethereum EIP-7702 simply to facilitate batch sweeping of tokens from Binance-related hot wallets. On-chain, the hacker’s operations were crude, and they conducted several hours of rehearsal preparations before the actual theft. Yu Xian emphasized that the EIP-7702 mechanism itself has no issues; even without this mechanism, the hacker could have carried out the attack by other means.
PANews reported that SlowMist founder Yu Xian wrote about the Binance hacker’s use of the EIP-7702 mechanism.
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Yu Xian said that the hacker chose EIP-7702 simply to facilitate batch sweeping of tokens from Binance-related hot wallets.
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Yu Xian said that, judging from the blockchain data, the hacker’s operations were crude and that they conducted several hours of rehearsal preparations before the actual theft.
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Yu Xian emphasized that the EIP-7702 mechanism itself has no issues; even without this mechanism, the hacker could have carried out the attack by other means.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
Yu Xian’s view is that the EIP-7702 provided convenience for the hacker to operate in batches, but was not the fundamental reason the attack could occur. In other words, he believes the problem was not with the mechanism itself, and that the attacker could have used other methods.
Why it matters to readers
This distinction affects how outsiders assess the nature of the incident: according to Yu Xian, attention should focus on how the hacker controlled and swept the relevant hot wallets, rather than directly classifying the incident as a EIP-7702 mechanism vulnerability.
Beginners should distinguish between “the attacker used a particular mechanism” and “the mechanism contains a vulnerability.” This article presents only Yu Xian’s assessment and cannot be used to confirm the complete attack path or scope of impact.
Risks and unknowns
The original text does not provide verifiable on-chain transactions, an attack path, or loss data.
The original text does not specify the number of Binance-related hot wallets, the scale of the tokens, or whether user funds were affected.
The original text does not include a response or handling measures from Binance.
Regarding the conclusion that the EIP-7702 mechanism itself has no issues, this comes from Yu Xian’s statement; the original text does not present independent technical verification.
Related Developments
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Related concepts
EIP-7702
A proposal aimed at optimizing Ethereum externally owned account (EOA) functionality and adding new capabilities to wallets.
