Binance hot wallet exploited for $6.4 billion via EIP-7702 delegation, TRM Labs links hack to North Korea

Ethereum ’s Pectra upgrade, which went live in May 2025, introduced one of the platform’s most ambitious changes: EIP-7702. This proposal enables standard Ethereum wallets—known as externally owned accounts (EOAs)—to temporarily adopt the capabilities of smart contracts without migrating funds or addresses. The enhancement aims to make Ethereum accounts more flexible, while also raising new security concerns. Ethereum is built around two account types. The majority of users rely on EOAs, controlled by private keys and limited to basic actions like sending funds.