In the bustling digital sea of August 2025, phishing scams cast their nets wider, ensnaring more than $12 million from over 15,000 unsuspecting cryptocurrency wallets. 🐟💰
The blockchain security firm, Scam Sniffer, reported that these losses marked a significant 72% increase from July, with the number of victims also swelling by 67%. One can almost hear the chuckle of the phisher as they reel in their catch. 😈
Ethereum EIP 7702: A New Bait for Crypto Phishers?
Scam Sniffer revealed that nearly half of the phishing losses-about 46%-came from just three high-value accounts, affectionately known as “whales.” These grand fish lost a staggering $5.62 million, with one particularly unfortunate whale losing $3.08 million. 🐳💔
Interestingly, the firm pointed out that Ethereum’s EIP-7702 standard played a starring role in the August wave of attacks. Scammers cleverly used this feature to trick crypto users into sending funds directly to malicious contracts. It’s as if they’ve turned a tool meant for convenience into a trap. 🕸️🛠️
EIP-7702 enhances Ethereum wallets by allowing externally owned accounts (EOAs) to temporarily function like smart contract wallets. This brings useful features such as batching transactions, setting spending caps, integrating passkeys, and recovering wallets without changing addresses. 🗝️🔄
However, these very features have become a double-edged sword, enabling attackers to expedite their thefts. Wintermute’s Dune Analytics dashboard reveals that over 80% of delegate contracts tied to EIP-7702 involve malicious activity, compromising more than 450,000 wallet addresses since its rollout. 🚨🔒
Yu Xian, founder of the security company SlowMist, lamented that awareness of how EIP-7702 can be weaponized remains alarmingly low. “Organized criminal groups have embraced this mechanism with enthusiasm, exploiting it across Ethereum Virtual Machine (EVM) ecosystems,” he noted, his voice tinged with a hint of despair. 🤷♂️🔒
In response to this surge, Scam Sniffer has issued a stern warning to crypto users to exercise greater caution when interacting with wallet requests. They advise verifying domains, avoiding hasty approvals, and rejecting signatures that grant unlimited permissions or seem overly broad. 📜🚫
Moreover, any suspicious prompts related to EIP-7702 contract upgrades or mismatched transaction simulations should set off immediate red flags. After all, in the world of crypto, it’s better to be safe than sorry. ⚠️🔒
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2025-09-06 20:57