Ethereum’s Pectra Update Feature EIP-7702 Becomes a Tool for Wallet Drainers

• Over 80% of EIP-7702 delegations are linked to malicious wallet-draining bots.
• Ethereum’s Pectra upgrade enables smart contract-like wallet behavior.
• Experts call for stronger private key security and user interface improvement.

Scammers are exploiting Ethereum’s new EIP-7702 feature to drain funds from wallets with compromised private keys. The upgrade, introduced on May 7 as part of Ethereum’s Pectra update, has already been linked to over 12,000 transactions involving suspicious contracts.

EIP-7702: Wallet Flexibility Feature Now an Attack Vector

EIP-7702 was developed to improve Ethereum wallet usability. It allows standard wallets to temporarily function like smart contracts, enabling features such as gas sponsorship, spending limits, and transaction batching. While the EIP-7702 feature is optional for users to activate, it has seen rapid adoption, unfortunately, by malicious actors.

Related: Ethereum’s EIP-7702 Brings Native Abstraction to Wallets With Caveats

Wintermute, a blockchain security firm, reports that more than 80% of EIP-7702 delegations are being used to enable “sweeper” contracts. These automated contracts target walle…

The post Ethereum’s Pectra Update Feature EIP-7702 Becomes a Tool for Wallet Drainers appeared first on Coin Edition.