Key facts
- Attackers could have stolen funds without EIP-7702, according to Blockaid.
- EIP-7702 may have helped attackers bypass security checks, experts say.
- Binance confirmed a $6.3 billion hack on Friday and pledged to cover losses.
- Compromised signing systems are suspected as the primary cause of the hack.
Blockchain security firm Blockaid stated that attackers could have stolen $6.3 billion from Binance without the Ethereum upgrade EIP-7702, but the proposal may have helped bypass security checks. The firm's co-founder and CEO, Ido Ben-Natan, told Cointelegraph on Friday that the upgrade allows for a "one sweep" of compromised wallets, potentially bypassing some security checks. Binance confirmed the hack on Friday and pledged to cover all losses, stating that additional breach points were uncovered after initially suspecting a compromised engineer's laptop. Security concerns around EIP-7702, introduced in May 2025 as part of the Pectra upgrade, had previously been raised by firms like Wintermute and holders of World Liberty Financial tokens.