Derek Chiang, founder of ZeroDev and a developer involved with EIP-7702, said the standard itself was not flawed and that users of supported wallets need not panic, according to a BlockBeats report.
What EIP-7702 enables
Chiang described EIP-7702 as an account-abstraction proposal that lets externally owned accounts sign authorizations and insert smart contracts for batch actions such as approval and swaps. He said the same capability helped move multiple tokens in the reported Binance hot-wallet incident.
Post-mortem still pending
Chiang said an attacker would need private-key control or a signed authorization, with the latter not ruled out before Binance’s official post-mortem. The incident path and token-transfer details remain attributed to Chiang and BlockBeats.
Source: BlockBeats report, published October 30, 2026 (China time).