Recent studies have shown that mechanisms of Ethereum, particularly EIP-7702, are being exploited for cryptocurrency theft, raising serious concerns among users.
Facts About EIP-7702 Violations
Researchers have uncovered significant violations involving EIP-7702, mainly involving groups rather than isolated phishing attempts. Affected users reported unauthorized fund transfers, leveraging EIP-7702’s functionality to systematically drain crypto assets.
Expert Collaboration on the Issue
Yu Xian, founder of SlowMist, collaborates with Wintermute to track these coordinated attacks. They found that 97% of delegated actions exploited the EIP-7702 structure to drain user funds, with no single profit reported from exploited addresses.
Necessary Security Improvements
Impacts are evident in the fragmented trust within Ethereum's user base. Attackers have reportedly spent 2.88 ETH across numerous addresses, indicating a potential rise in future attempts. Continued attacks signal urgent calls for EIP-7702 redesign to prevent widespread security breaches in the crypto market.
Given the rising threats in the cryptocurrency landscape, experts emphasize the urgent need for immediate changes and improvements to security mechanisms to restore user trust in Ethereum.
