Malicious scam of EIP-7702 batch transaction loses investor $235K. Learn how to secure crypto assets against increasing phishing on Ethereum.
An investor in cryptocurrencies has lost 235,977.00 USD after signing a malicious batch transaction, which was based on the EIP-7702 standard in Ethereum.
Source – X
It is one of the rising tides of phishing attacks that have claimed millions of unsuspecting users in recent years, according to Scam Sniffer on X.
What you should know about EIP-7702 Exploited
The recent upgrade to Ethereum added EIP-7702, which enables wallets to group several operations in a transaction.
The feature has created dangerous loopholes, although it is intended to make it efficient. Attackers create phony DeFi interfaces that resemble popular apps such as Uniswap, and users are deceived into signing batch transactions that empty tokens and NFTs in seconds.
Source – X
On August 24, another investor lost approximately 1.54 million of tokens, such as wrapped ETH and BTC, through a similar EIP-7702 phishing scam.
Source-X
On August 22, another attack involved the theft of $1 million worth of NFTs and tokens using the disguised Uniswap swaps, which is an alarming sign of crypto phishing attacks on EIP-7702 upgraded wallets.
Anti-fraud service Scam Sniffer cautions that not every user is aware of the dangers of EIP-7702, so batch transactions can be used to their advantage by scammers. The phishing operations usually appear to be usual, and the victims are exposed to a high risk of losing their assets.
Guard Your Crypto: Easy Measures to Avoid
The Hedge fund should avoid becoming victims of EIP-7702 phishing attacks and should approve transactions on trusted platforms.
Before signing any transactions, always ensure the domain of the site is legal and examine the transaction details as well. Do not provide blank token authorizations, and watch out when the batch transactions are asking to be widely authorized or are in a hurry.
Scam Sniffer also provides additional precautions regarding approving batch transactions, to which users are advised to verify contracts twice and cancel questionable delegations without delay.
The nature of batch transactions is complex, which requires increased vigilance in order to prevent exploitation.
Leave a Reply
You must be logged in to post a comment.