- An Ethereum investor lost $1.5 million due to a sophisticated scam.
- Scam exploited EIP-7702 to approve malicious transactions.
- No immediate official response from Ethereum leadership.
An Ethereum investor lost approximately $1.5 million due to a phishing scam exploiting EIP-7702 upgrade mechanics through fake DeFi platforms, targeting wallet approvals.
The incident underlines the growing risks associated with new Ethereum upgrade mechanisms, affecting user trust and highlighting the need for enhanced security measures.
Lede: A recent phishing exploit linked to Ethereum’s EIP-7702 upgrade has led to a significant financial loss. An Ethereum investor fell victim to a scam, resulting in a loss of $1.5 million as attackers exploited wallet approval mechanisms.
Nut Graph: Using fake DeFi platforms that mimic trusted applications like Uniswap, attackers managed to convince users to approve fraudulent transactions. The focus was on wallets upgraded to EIP-7702, enabling exploiters to execute batch transactions rapidly.
The scam immediately impacted Ethereum and associated tokens, with wrapped tokens like wstETH and cbBTC primarily affected. Market reactions include calls for enhanced transaction verification and scrutiny of unknown platforms.
Despite the scale of the attack, there has been no noticeable decrease in total value locked (TVL) across Ethereum protocols. The event underscored the vulnerabilities inherent in wallet-targeted scams exploiting new upgrade mechanics.
Increased on-chain caution is advised, as previous cases have shown attackers swiftly moving assets post-exploit. Concerns over security grow, urging users to remain vigilant when interacting with DeFi interfaces.
Experts highlight the need for user education and improved wallet security measures. Given the rise of such scams, consensus-driven safeguards might enhance protection against these rapidly evolving tactics targeting tokens associated with EIP-7702.
“The novelty of EIP-7702 leaves many unaware of the risks, making these kinds of scams particularly effective.” – ScamSniffer, Blockchain Anti-Fraud Service
