Ethereum’s gold run, post its much anticipated Pectra upgrade and trillion dollar security initiative, has hit an abrupt halt, after security experts pointed out that its newly introduced ‘EIP-7702’ feature is being exploited by scammers with more than 80% usage linked to a single malicious script. According to researchers at Wintermute, a leading market maker, exploiters have targeted several unsuspicious crypto wallets with “automated sweeper” attacks using “delegate contracts”– a new feature launched as Ethereum Improvement Proposal (EIP 7702), that forms a part of Pectra upgrade introduced in Ethereum on May 7 this year. In a series of tweets made on their official X handle, Wintermute confirmed, “our research team found that over 80% of all EIP-7702 delegations were authorized to multiple contracts using the same exact code. These are sweepers, used to automatically drain incoming ETH from compromised addresses.” The malicious attempts to drain Eth from wallets continue even… Read More at Coingape.com
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