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WLFI – How Ethereum’s EIP-7702 exploit sparked investor panic
The post WLFI – How Ethereum’s EIP-7702 exploit sparked investor panic appeared on BitcoinEthereumNews.com. Key Takeaway World Liberty Financial (WLFI), the token backed by Donald Trump, is facing serious security threats due to phishing exploits linked to Ethereum’s EIP-7702 upgrade. However, despite risks, trading volumes remain high, boosted by a new partnership with Alt5 Sigma. Donald Trump’s World Liberty Financial’s [WLFI] has entered the market amid a blend of excitement and controversy. The token jumped 135% after its ICO, fueled by high-profile staking activity from Justin Sun and a surge in spot and futures trading. Yu Xian on WFLI’s exploitation However, growing security concerns have dampened the excitement, as SlowMist founder Yu Xian warned that WLFI token holders are being targeted by a phishing exploit tied to Ethereum’s [ETH]EIP-7702 upgrade. Hackers are reportedly embedding malicious smart contracts into compromised wallets. This allows them to drain WLFI deposits as soon as funds are transferred. Xian said, “Encountered another player whose multiple addresses’ WLFI were all stolen. Looking at the theft method, it’s again the exploitation of the 7702 delegate malicious contract, with the prerequisite being private key leakage.” Well, the security challenges surrounding World Liberty Financial appear to run deeper than a single exploit. This is because much of the trouble traces back to Ethereum’s Pectra upgrade in May, which introduced EIP-7702. For those unaware, the upgrade allows regular wallets to temporarily act as smart contract wallets, enabling batch transactions and delegated execution rights aimed at improving usability. But according to security experts, attackers have been quick to weaponize the change. On the 31st of August, a user on X (formerly Twitter) shared that their friend’s WLFI tokens were stolen shortly after sending ETH to their wallet. Source: X In response, Xian identified the theft as a “classic EIP-7702 phishing exploit.” He explained that hackers often steal private keys through phishing, then use them to pre-install…
The post WLFI – How Ethereum’s EIP-7702 exploit sparked investor panic appeared on BitcoinEthereumNews.com.
Key Takeaway World Liberty Financial (WLFI), the token backed by Donald Trump, is facing serious security threats due to phishing exploits linked to Ethereum’s EIP-7702 upgrade. However, despite risks, trading volumes remain high, boosted by a new partnership with Alt5 Sigma. Donald Trump’s World Liberty Financial’s [WLFI] has entered the market amid a blend of excitement and controversy. The token jumped 135% after its ICO, fueled by high-profile staking activity from Justin Sun and a surge in spot and futures trading. Yu Xian on WFLI’s exploitation However, growing security concerns have dampened the excitement, as SlowMist founder Yu Xian warned that WLFI token holders are being targeted by a phishing exploit tied to Ethereum’s [ETH]EIP-7702 upgrade. Hackers are reportedly embedding malicious smart contracts into compromised wallets. This allows them to drain WLFI deposits as soon as funds are transferred. Xian said, “Encountered another player whose multiple addresses’ WLFI were all stolen. Looking at the theft method, it’s again the exploitation of the 7702 delegate malicious contract, with the prerequisite being private key leakage.” Well, the security challenges surrounding World Liberty Financial appear to run deeper than a single exploit. This is because much of the trouble traces back to Ethereum’s Pectra upgrade in May, which introduced EIP-7702. For those unaware, the upgrade allows regular wallets to temporarily act as smart contract wallets, enabling batch transactions and delegated execution rights aimed at improving usability. But according to security experts, attackers have been quick to weaponize the change. On the 31st of August, a user on X (formerly Twitter) shared that their friend’s WLFI tokens were stolen shortly after sending ETH to their wallet. Source: X In response, Xian identified the theft as a “classic EIP-7702 phishing exploit.” He explained that hackers often steal private keys through phishing, then use them to pre-install…
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