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

Security researchers have determined that the recent Binance exploit was not directly caused by the Ethereum Improvement Proposal 7702. However, the upgrade appears to have played a critical role in amplifying the losses by allowing attackers to circumvent established withdrawal limits. The exploit allowed for a more rapid draining of funds than would have been possible under previous network conditions. This incident has sparked a heated debate within the developer community regarding the security implications of new protocol features. It underscores the urgent need for exchanges to constantly update their internal security architectures to match evolving blockchain standards. The complexity of modern smart contracts continues to provide new attack vectors for sophisticated hackers.