Developers issued warnings about potential EIP-7702 asset theft risks two years ago.

Regarding the Binance hack, some believe the attackers may have exploited Ethereum’s EIP-7702 mechanism to take control of wallets and siphon funds. X user 0xVEER noted that developer 0xjustadev warned against “this scenario” as early as during EIP-7702 discussions roughly two years ago. In October 2024, a developer in the Ethereum Community Forum’s EIP-7702 (Set EOA account code) discussion thread pointed out that current phishing attacks mostly rely on EIP-712 signatures, which are relatively readable and easy to spoof. The EIP-7702 proposal, however, could allow attackers to drain all valuable assets—including native tokens—via signatures that are less readable and harder to simulate. The developer also expressed concern that wallets might adopt highly centralized contract signature whitelists as a result, a step backward for security and decentralization. To date, Binance has not officially confirmed whether the incident is indeed linked to EIP-7702, and the above content is solely community perspectives.