Cryptocurrency investors are facing new threats arising from blockchain improvements. Recent incidents reveal that the new update EIP-7702 has given rise to multiple phishing schemes.
Nature of Phishing and EIP-7702
According to anti-fraud service Scam Sniffer, a recent attack allowed criminals to steal $1.54 million from a cryptocurrency investor who signed phishing batch transactions of EIP-7702. Batch transactions, which enable multiple operations within a single atomic transaction, were introduced with the Pectra update. While this feature is convenient for legitimate users, it also creates risks as malicious actors can exploit it to trick victims.
Statistics on Attack Losses
This week, Scam Sniffer also reported on another investor losing around $1 million in non-fungible tokens (NFTs) and other tokens after signing phishing batch transactions disguised as Uniswap swaps. "We’ve spotted multiple victims with this pattern targeting EIP-7702 upgraded addresses," Scam Sniffer warned, urging holders to remain vigilant.
Safety Tips for Users
Users should be particularly cautious when interacting with new blockchain features. Malicious transactions often appear normal and do not raise suspicion; however, newcomers may not be aware of the risks associated with updates like EIP-7702. Experts recommend carefully checking addresses and actions before confirming transactions.
Recent incidents highlight the importance of vigilance and awareness among users regarding potential risks associated with new functionalities in cryptocurrency. Staying cautious and monitoring assets closely is essential.
