Hacking News
EIP-7702 Upgrade Facilitates Largest Crypto Theft
EIP-7702, an Ethereum Improvement Proposal, allows ordinary wallets to run smart contract code, enabling batched and sponsored transactions. This upgrade was exploited in the largest crypto theft on record, totaling $6.4 billion, when attackers used EIP-7702 to facilitate the theft from the Binance platform. The upgrade was implemented in the Pectra Ethereum upgrade on May 7, 2025, and was designed to provide the infrastructure for future full abstraction of Ethereum accounts.