Hoskinson Criticizes EIP-7702 as Binance Hot Wallet Attack Unfolds
Cardano founder Charles Hoskinson has raised concerns about Ethereum's EIP-7702 delegation feature amid a Binance hot wallet attack.
Cardano founder Charles Hoskinson has raised concerns about Ethereum's EIP-7702 delegation feature amid a Binance hot wallet attack. Ethereum (ETH) is trading at $2,236.31, down 0.1% since this brief published. This is an original TLT brief synthesising 2 outlets (Crypto.news, Cointelegraph), plus live market data, as of Fri, 30 Oct 2026 22:00:04 UTC.
The incident highlights potential security vulnerabilities in Ethereum's delegation mechanisms and their implications for exchange security. It also raises questions about the trade-offs between functionality and security in blockchain protocol upgrades.
- Hoskinson warns about 'seriously dangerous code' in EIP-7702.
- Attackers may have exploited EIP-7702 to bypass Binance withdrawal safeguards.
- Ethereum's market cap remains at $273.62B despite security concerns.
- Overall crypto market cap is $2.66T amid broad market decline.
Multiple outlets, including Crypto.news and Cointelegraph, report that Charles Hoskinson has criticized Ethereum's EIP-7702 delegation feature, claiming it contributed to a recent Binance hot wallet attack. They agree that the feature may have allowed attackers to bypass withdrawal safeguards, though Cointelegraph notes that the attack could have been possible without EIP-7702. The outlets differ slightly in their emphasis, with Crypto.news focusing on Hoskinson's warning about 'dangerous code' while Cointelegraph provides more context on the technical implications of the vulnerability.
Cardano founder Charles Hoskinson has raised concerns about 
Ethereum's EIP-7702 delegation feature, claiming it contains 'seriously dangerous code' that contributed to a recent attack on a Binance hot wallet. In a post on X, Hoskinson warned about the potential risks associated with the Ethereum upgrade.
Security experts have suggested that while the attack could have been executed without EIP-7702, the feature may have allowed attackers to bypass Binance's withdrawal safeguards more easily. This highlights potential vulnerabilities in Ethereum's delegation mechanisms and their implications for exchange security.
The incident has sparked a debate about the trade-offs between functionality and security in blockchain protocol upgrades. EIP-7702, which aims to improve Ethereum's delegation capabilities, is now under scrutiny for its potential security implications.
The broader crypto market remains under pressure, with the total market cap at $2.66 trillion and 
Bitcoin down 2.54% in the past 24 hours. Ethereum, despite the security concerns, is trading at $2239.56, down 0.67% in the last day and 6.49% over the past week. Cardano, Hoskinson's project, is up 1.46% in the last 24 hours but down 9.27% over the week.
The incident underscores the ongoing challenges of balancing innovation with security in the rapidly evolving crypto space. As the debate over EIP-7702 continues, stakeholders will be watching closely to see how Ethereum and other platforms address these concerns.
Since this brief published about 2 hours ago, Ethereum (ETH) has moved from $2,239.56 to $2,236.31 — -0.15%.
The chart plots ETH's price: grey is the move before this brief published, the vertical dashed line marks the moment it published, the horizontal dashed line is the price then, and the coloured area is the move since — from TLT's market data (daily resolution). It shows what happened after the news, not that the news caused it; many factors move prices. Not financial advice.
At today's peer-to-peer rate, 1 ETH ≈ ₦3.08M (about $2,236.31), down 1.7% over 24 hours. The naira itself trades about 2.2% above the official rate on the P2P market, so a Nigerian buyer's effective cost differs from the headline dollar price.
Live market data
Current prices for the assets in this story — live, source-stamped, updated every 15 minutes.
Hoskinson Criticizes EIP-7702 as Binance Hot Wallet Attack U — questions & answers
What is EIP-7702?
EIP-7702 is an Ethereum improvement proposal aimed at enhancing the platform's delegation capabilities.
How did the Binance hot wallet get attacked?
Attackers may have exploited vulnerabilities in Ethereum's EIP-7702 delegation feature to bypass Binance's withdrawal safeguards.
What is Cardano's founder's stance on EIP-7702?
Charles Hoskinson has criticized EIP-7702, calling it 'seriously dangerous code' and warning about its potential risks.
How much is 1 Ethereum worth in naira today?
About ₦3.08M at the live peer-to-peer (P2P) USDT rate, which is what Nigerians typically trade at — equivalent to roughly $2,236.31. The naira price moves with both ETH's US-dollar price and the USDT/NGN rate; use our Ethereum in naira page for any amount.
Has Ethereum's price moved since this brief was published?
ETH is down 0.15% since this brief first published — trading at $2,236.31 now versus $2,239.56 at publication. TLT re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original TLT brief that synthesises reporting from Crypto.news, Cointelegraph, with the key figures cross-checked for agreement across them. It is not a copy of any one article — follow the source links above for the original reporting.
Original summary — not financial advice. This is an original TLT brief that summarises a development reported elsewhere and adds live market data for context; it is not the original article and reproduces no part of it. Follow the source link above for full details. Crypto is volatile and high-risk — always do your own research.