Ethereum EIP-7702 Exploitation Raises Security Alarms

Cybercriminals Exploit EIP-7702 in Pectra Upgrade

Ethereum’s EIP-7702, launched in the Pectra upgrade, allows addresses to work like smart contracts. However, this enhancement has been manipulated to exploit user wallets. Security firms had to react quickly to these malicious activities.

Companies like Wintermute and Scam Sniffer have been proactive in monitoring these threats. They developed systems to detect the malicious delegations tied to a script called “CrimeEnjoyor,” used in 80% of the identified scams. As Jasper Leung, Head of Security Operations at Wintermute, noted, “Over 80% of EIP-7702 delegations have been linked to the ‘CrimeEnjoyor’ script, which highlights the growing sophistication of these attacks.”

User Loses $150,000 in Latest Round of Attacks

These attacks have led to financial losses, with one user losing nearly $150,000. The broader community is concerned about the potential long-term effects on Ethereum’s reputation and value.

The increased sophistication of these attacks demonstrates evolving phishing strategies. Historical data suggests a continuation of this trend, further challenging developers to improve security measures while users remain vigilant.

Experts Urge Robust User Education Efforts

Similar to past phishing upgrades, the EIP-7702 exploit represents an escalation in threat complexity. The move from individual token transfers to bundled approvals marks a shift in malicious tactics.

Experts from Kanalcoin warn of ongoing vulnerabilities within blockchain upgrades. They stress the importance of robust user education to navigate these threats, underscoring the need for continued vigilance and defense innovation.

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