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Ethereum EIP-7702 Brings New Risks, Wintermute Says - Unchained
Crypto market maker Wintermute has warned that Ethereum’s Pectra upgrade — specifically the implementation of the EIP-7702 account-abstraction feature — leaves users at higher risk of automated attacks.
EIP-7702 was designed to improve the user experience by allowing wallets to temporarily act like smart contracts, enabling features such as transaction batching, gas sponsorship, and spending limits in a single transaction.
But Wintermute’s analysis suggests that more than 90% of EIP-7702 delegations are being used by malicious actors deploying copy-pasted contracts dubbed “CrimeEnjoyor,” which automatically scan for wallets with compromised private keys and drain them.
This story is an excerpt from the Unchained Daily newsletter
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Blockchain security firm Scam Snigger highlighted one such instance of an EIP-7702 upgraded address that was targeted by malicious actors, in which the victim lost $146,551.
SlowMist, another blockchain security firm, said that if EIP-7702 users unintentionally delegate their accounts to malicious contracts, they could become more susceptible to phishing risks.
“In case it wasn’t clear: These wallets were not hacked using 7702,” pseudonymous Base engineer 0xKofi wrote on X. “The hacker obtained the private keys without doing anything related to 7702.”