Ethereum’s EIP-7702 Upgrade Exploited by Coin Theft Gangs – Coincu
The post Ethereum’s EIP-7702 Upgrade Exploited by Coin Theft Gangs – Coincu appeared on BitcoinEthereumNews.com. Key Points: EIP-7702’s coin theft impact disrupts security standards. Over 97% delegations linked to thefts. Immediate security concerns arise for Ethereum wallets. EIP-7702, recently executed within the Ethereum ecosystem, is under scrutiny after Yu Xian of SlowMist highlighted its usage by coin theft gangs for automatic fund transfers in a social media post. The upgrade’s initiative, meant to enhance wallet flexibility, now presents unforeseen risks, sparking widespread unease in crypto communities. 97% EIP-7702 Delegations Linked to Theft Contracts Yu Xian from SlowMist reported on platform X that EIP-7702 is being manipulated by coin theft gangs. Over 97% of delegations within EIP-7702 are tethered to theft contracts, exposing vulnerabilities for users with compromised wallet keys. This widespread misuse of delegations raises significant concerns for the Ethereum community and wallet users, marking an urgent call for action. The shift impacts financial security in Ethereum network, especially for Ether and ERC-20 token holders, heightening risks through leaked wallet keys and mnemonic misuse. The event underscores weaknesses, prompting heightened vigilance among stakeholders. “The ‘most High’ users of the new mechanism EIP-7702 are actually coin theft gangs (not phishing gangs), which facilitate the automatic transfer of related funds from wallet addresses with leaked private keys/mnemonic phrases… Over 97% of EIP-7702 delegations are authorized to such coin theft contracts.” — Yu Xian, Founder, SlowMist Community discussions are active on GitHub and Discord, where security experts emphasize careful authorization and recommend enhanced wallet hygiene. No technical fix has been released, leaving users wary over transaction security (Security tips for protecting digital assets). Ethereum Faces Critical Security and Regulatory Challenges Did you know? Ethereum’s EIP-7702 delegations mirror past DeFi exploits, illustrating how similar patterns of attack complexity and financial impact recur despite evolving security measures. CoinMarketCap shows Ethereum (ETH) currently at $2,501.92 with a market cap of $302.04…
The post Ethereum’s EIP-7702 Upgrade Exploited by Coin Theft Gangs – Coincu appeared on BitcoinEthereumNews.com.
Key Points: EIP-7702’s coin theft impact disrupts security standards. Over 97% delegations linked to thefts. Immediate security concerns arise for Ethereum wallets. EIP-7702, recently executed within the Ethereum ecosystem, is under scrutiny after Yu Xian of SlowMist highlighted its usage by coin theft gangs for automatic fund transfers in a social media post. The upgrade’s initiative, meant to enhance wallet flexibility, now presents unforeseen risks, sparking widespread unease in crypto communities. 97% EIP-7702 Delegations Linked to Theft Contracts Yu Xian from SlowMist reported on platform X that EIP-7702 is being manipulated by coin theft gangs. Over 97% of delegations within EIP-7702 are tethered to theft contracts, exposing vulnerabilities for users with compromised wallet keys. This widespread misuse of delegations raises significant concerns for the Ethereum community and wallet users, marking an urgent call for action. The shift impacts financial security in Ethereum network, especially for Ether and ERC-20 token holders, heightening risks through leaked wallet keys and mnemonic misuse. The event underscores weaknesses, prompting heightened vigilance among stakeholders. “The ‘most High’ users of the new mechanism EIP-7702 are actually coin theft gangs (not phishing gangs), which facilitate the automatic transfer of related funds from wallet addresses with leaked private keys/mnemonic phrases… Over 97% of EIP-7702 delegations are authorized to such coin theft contracts.” — Yu Xian, Founder, SlowMist Community discussions are active on GitHub and Discord, where security experts emphasize careful authorization and recommend enhanced wallet hygiene. No technical fix has been released, leaving users wary over transaction security (Security tips for protecting digital assets). Ethereum Faces Critical Security and Regulatory Challenges Did you know? Ethereum’s EIP-7702 delegations mirror past DeFi exploits, illustrating how similar patterns of attack complexity and financial impact recur despite evolving security measures. CoinMarketCap shows Ethereum (ETH) currently at $2,501.92 with a market cap of $302.04…
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