A significant incident in the cryptocurrency market saw an Ethereum investor lose $1.54 million due to a phishing scam exploiting the EIP-7702 feature.
Phishing Scam Targets Ethereum Upgrade
An Ethereum investor lost $1.54 million after falling victim to a phishing scam that exploited the new EIP-7702 batch transaction feature from the Pectra upgrade. Scam Sniffer is investigating this incident and has reported similar attacks.
Market Vulnerabilities
The attackers utilized EIP-7702's delegation capability to orchestrate fraudulent transactions. The anonymity of the attackers adds to the risks faced by users' assets, such as wstETH and cbBTC. This case forms part of a broader wave of attacks targeting users unaware of new upgrade features.
Need for Enhanced User Security
Security experts emphasize the necessity of improving user education and wallet safeguards. Sophisticated phishing tactics are becoming increasingly common. Vigilance among users and developers is essential in light of ongoing EIP-7702 exploitation.
The incident illustrates potential vulnerabilities in new Ethereum upgrades, underscoring the urgent need for security improvements. Historical cases of unusual behavior in the market highlight the importance of carefully evaluating new blockchain features.
