Ethereum Phishing Exploit Targets EIP-7702 Batch Transactions
- Scam Sniffer alerts on Ethereum EIP-7702 vulnerability impacting users.
- Victims suffer financial losses through deceptive batch transactions.
- Market responds to protocol vulnerabilities amid ongoing attacks.
A series of phishing attacks have exploited Ethereum’s EIP-7702 upgrade, draining wallets via deceptive batch transactions, leading to significant losses for users of upgraded accounts.
These incidents highlight security vulnerabilities in recent protocol enhancements, causing concern among Ethereum users and impacting trust in batch transaction functionalities.
Recent phishing attacks exploiting Ethereum’s EIP-7702 upgrade have caused significant security concerns. Scam Sniffer identified that deceptive batch transactions disguised as legitimate Uniswap swaps could drain wallets, leading to financial loss.
Involved parties include Scam Sniffer, which has issued direct warnings, and end users who have adopted the EIP-7702 standard. The attackers exploit malicious contracts, and no statements from Ethereum Foundation leadership have surfaced.
Effects on Users
The immediate effect is substantial financial loss for affected users, with individual losses reported at $66,000 and others nearing $1 million. The attacks target Ethereum accounts and ERC-20 tokens, exposing potential protocol-level issues.
Scam Sniffer, Security Analytics, “Scam Sniffer issued a warning on the X platform, stating that an address upgraded with EIP-7702 suffered a loss due to batch transfer phishing. Multiple similar cases were identified, with the new vector exploiting batch transfer functions rather than prior batch authorization mechanisms.” – source
Financial implications remain contained within individual DeFi users, not extending to broader market or institutional levels. There has been no major liquidity exit reported, though local liquidity dips may occur.
Security Concerns
Security firms highlight that this exploit represents a shift from previous phishing methods via batch authorization rather than batch transfers. This marks a new challenge for DeFi space security.
Future Outlook
Future outcomes may involve financial and regulatory scrutiny as scams evolve. Discussions around temporary mitigation or protocol amendment could emerge, requiring community vigilance and official oversight.
