TECH NEWS

What Is EIP-7702? Ethereum's Smart Account Feature Explained, and How to Stay Safe

On October 29, 2026, an Ethereum hot wallet belonging to Binance was emptied in a single transaction.

The tool behind the drain was EIP-7702, a feature that went live on Ethereum in May 2025.

As of October 30, 2026, no flaw in EIP-7702 itself has been reported.

It did exactly what a valid signature told it to do, and that is the part worth understanding.

Key Takeaways

● EIP-7702 lets a regular Ethereum wallet run smart contract code, and it went live on May 7, 2025.

● A token approval covers one token for one app, while an EIP-7702 delegation hands a contract your whole account.

● Every delegation needs the wallet’s own signature, so the Binance hack looks like a signing-side failure, not an Ethereum bug.

● Exchange users should watch official notices, withdrawal status, proof of reserves and the post-mortem.

● Self-custody users only face EIP-7702 risk if...

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Walmart Carves $700 Off HP's HyperX Omen RTX 5060 Laptop For Halloween

My Fridge Is Ready for the Next Power Outage

Google Joins OpenAI And Anthropic In Promising New Scraping Controls

Meta’s Muse Could Upend All Kinds of Businesses. It Hasn’t Yet