EIP-7702 specification<\/a> describes a transaction type that lets an externally owned account delegate execution to code deployed at another address.<\/p>\nAn externally owned account normally operates through signatures from its private key. Delegation lets it execute smart-contract logic in its own account context, supporting features such as batching several operations into one transaction and allowing another account to pay transaction fees.<\/p>\n
Each authorization identifies a chain, a delegate address, and a nonce, together with a cryptographic signature. The protocol recovers the authorizing account from that signature and checks its nonce before applying the delegation.<\/p>\n
CyberSatoshi acknowledged this requirement, saying the alleged attack needed either the raw private key or unrestricted signing access to Binance 14\u2019s security infrastructure.<\/p>\n
The specification does not establish how any Binance signing credentials were obtained. Its signature requirement does establish that delegation cannot simply be assigned to an arbitrary victim account without valid authorization.<\/p>\n
Ethereum\u2019s nonce rules explain the alleged batch<\/h2>\n
CyberSatoshi claimed the attacker submitted 50 pre-signed authorizations covering consecutive nonces to catch Binance 14 while its transaction count was changing.<\/p>\n
The specification processes authorizations in order. When an authorization fails a check, processing continues with the next entry. A valid entry sets the delegation and increments the authorizing account\u2019s nonce.<\/p>\n
Successive authorizations for the same account can therefore become valid as that nonce advances. Where several valid entries exist, the last valid delegation determines the code address used.<\/p>\n
This is more specific than a batch in which only one authorization can take effect. The rules permit multiple consecutive entries to succeed, depending on the account\u2019s starting nonce and the signatures supplied.<\/p>\n
CyberSatoshi argued that delegation compressed the asset transfers into a single operation, reducing the time available for intervention. The separate assertion that exchange defenses would otherwise have stopped the theft after three transactions is the poster\u2019s counterfactual assessment.<\/p>\n
Ethereum\u2019s design document spells out delegation risks<\/h2>\n
The EIP\u2019s authors explicitly warn that authorized code has unrestricted access to the account and must be closely audited by the wallet.<\/p>\n
Its security section lists protections delegate contracts need, including replay prevention and signatures covering transaction value, gas, destination, and call data. Poorly implemented delegation can leave an attacker with nearly complete control over the signing account.<\/p>\n
Delegation persists beyond the transaction that installs it. The specification further states that an execution failure does not roll back delegation indicators already processed.<\/p>\n
To remove delegation, the protocol permits a valid authorization pointing to the zero address, which clears the account\u2019s delegation code.<\/p>\n
<\/p><\/div>\n
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Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Cardano founder Charles Hoskinson has warned about \u201cseriously dangerous code\u201d while sharing an analysis that blames Ethereum\u2019s EIP-7702 delegation feature for helping attackers rapidly empty a Binance hot wallet. Summary Hoskinson shared a technical breakdown alleging the sweeper was built specifically for Binance\u2019s wallet infrastructure. CyberSatoshi claimed 50 signed authorizations helped the attacker target the […]<\/p>\n","protected":false},"author":5,"featured_media":24209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"tdm_status":"","tdm_grid_status":"","footnotes":""},"categories":[23],"tags":[],"kronos_expire_date":[],"class_list":["post-24886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"_links":{"self":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/posts\/24886","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/comments?post=24886"}],"version-history":[{"count":0,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/posts\/24886\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/media\/24209"}],"wp:attachment":[{"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/media?parent=24886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/categories?post=24886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/tags?post=24886"},{"taxonomy":"kronos_expire_date","embeddable":true,"href":"https:\/\/cryptoted.net\/index.php\/wp-json\/wp\/v2\/kronos_expire_date?post=24886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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