Hoskinson Raises Alarm Over EIP-7702 Amid Binance Wallet Exploit Controversy
Cardano founder Charles Hoskinson criticizes Ethereum's EIP-7702 for enabling rapid Binance wallet attacks.
Cardano founder Charles Hoskinson criticizes Ethereum's EIP-7702 for enabling rapid Binance wallet attacks. Ethereum (ETH) is trading at ₹2,13,103 ($2,236.31), down 0.1% since this brief published. This is an original Token Times brief synthesising 2 outlets (Crypto.news, Cointelegraph), plus live market data, as of Fri, 30 Oct 2026 22:00:01 UTC.
The debate over EIP-7702 highlights growing concerns about Ethereum's security features and their potential role in recent high-profile crypto thefts, impacting user trust and platform safety.
- Hoskinson warns EIP-7702 enables rapid wallet draining attacks.
- Security experts say Binance attack possible without EIP-7702.
- Ethereum's market cap remains at $273.62B amid broader market decline.
Multiple outlets, including Crypto.news and Cointelegraph, report that Cardano founder Charles Hoskinson has raised concerns about Ethereum's EIP-7702 delegation feature, claiming it enables attackers to rapidly drain wallets. While both outlets agree on Hoskinson's criticism of EIP-7702, Cointelegraph adds that security experts believe the Binance attack could have occurred without the Ethereum upgrade, though it may have helped bypass withdrawal safeguards. This discrepancy in emphasis highlights the ongoing debate about the security implications of EIP-7702.
Cardano founder Charles Hoskinson has publicly criticized 
Ethereum's EIP-7702 delegation feature, claiming it played a role in a recent Binance hot wallet attack. In an X post, Hoskinson described the code as 'seriously dangerous' and warned of its potential to enable rapid wallet draining.
According to Cointelegraph, security experts have acknowledged that while the Binance attack could have happened without EIP-7702, the Ethereum upgrade may have facilitated the breach by helping attackers bypass withdrawal safeguards. This suggests that while EIP-7702 may not be the sole cause, it could be a contributing factor.
The controversy surrounding EIP-7702 comes amid broader concerns about the security of major crypto platforms. The incident has sparked a debate about the trade-offs between security and functionality in blockchain technology, with implications for both Ethereum and the wider crypto market.
In the current market context, Ethereum's price has fallen by 0.67% in the last 24 hours and 6.49% over the past week, with its market cap standing at $273.62 billion. Cardano, the platform founded by Hoskinson, has seen a slight 1.46% increase in the last 24 hours but is down 9.27% over the week, with a market cap of $7.28 billion.
The broader crypto market is also experiencing a downturn, with the total market cap at $2.66 trillion and the Fear & Greed Index at 30, indicating a 'Fear' sentiment. This backdrop of market uncertainty may amplify concerns about platform security and the potential impact of vulnerabilities like those highlighted by Hoskinson.
Since this brief published about 2 hours ago, Ethereum (ETH) has moved from ₹2,13,412.41$2,239.56 to ₹2,13,102.71$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 Token Times'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 ≈ ₹232,620.97 (about $2,236.31), down 1.7% over 24 hours. The rupee itself trades about 9.2% above the official rate on the P2P market, so a Indian 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 Raises Alarm Over EIP-7702 Amid Binance Wallet Exp — questions & answers
What is EIP-7702 and why is it controversial?
EIP-7702 is an Ethereum delegation feature that Hoskinson claims enables rapid wallet draining. Security experts say it may have helped bypass Binance's withdrawal safeguards.
Could the Binance attack have happened without EIP-7702?
Yes, according to security experts cited by Cointelegraph, the attack could have occurred without EIP-7702, but the feature may have made it easier for attackers.
How has the market reacted to the EIP-7702 debate?
Ethereum's price has fallen by 0.67% in the last 24 hours, while Cardano has seen a slight increase of 1.46%, amid a broader market downturn.
How much is 1 Ethereum worth in rupee today?
About ₹232,620.97 at the live peer-to-peer (P2P) USDT rate, which is what Indians typically trade at — equivalent to roughly $2,236.31. The rupee price moves with both ETH's US-dollar price and the USDT/INR rate; use our Ethereum in rupee 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 ₹2,13,103 ($2,236.31) now versus ₹2,13,412 ($2,239.56) at publication. Token Times re-checks this figure against CoinGecko and Binance every 15 minutes.
Which outlets reported this story?
This is an original Token Times 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 Token Times 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.