EIP-7702 batch scam makes investors lose 80K in tokens. Get to know more about how this phishing attack happens and how you can secure your crypto resources.
Recently, a crypto investor lost his money of $80,462 in tokens due to signing malicious batch transactions.
The fraud is connected with EIP-7702, the new transaction option in Ethereum. This option enables users to confirm a series of transfers at the same time.
The fraudsters defraud the victims into endorsing unauthorized batches. The wallet of the victim: 0xa4ccec28d686ee53bc80dd3d79b404cf0dce28016.
Source – X
The addresses of the scammers are 0xa7ad03f876cdd17a67e50adefbef08c254dd15a and 0xc79a048d88f2a18B1f0d9242b11358903A9C4974. This was checked with Scam Sniffer on X (once Twitter).
How EIP-7702 Batch Transactions Are Being Exploited
EIP-7702 was added, which enhanced the efficiency of transactions. It enables a number of transfers to be grouped into a single approval. However, unfortunately, this feature is complex and is used by attackers.
There are false interfaces of DeFi that are created by scammers. They camouflage bad batch transactions as regular transactions.
Users unwillingly accept a transfer of numerous tokens. Tokens after signing are quickly transferred to attacker wallets.
A lot of users lack the knowledge of the risks associated with batch transactions. They do not take a thorough review but hurry up to approve. This aspect exposes them to fraud.
How to Avoid Losses on Batch Transaction Scams.
In order to secure crypto assets, users have to check all signature requests. Always ensure the details of the transaction are checked twice before authorizing. Do not sign batches of untrusted platforms.
Do not trust an interface that requires you to approve a number of items at once. Use wallets that are trusted and raise suspicion. Agreement Scam Sniffer reinforces heightened attention due to the spike in EIP-7702 fraud.
Adherence to such practices minimizes phishing. The most important thing in crypto dealings is to always emphasize security.
Source: https://www.livebitcoinnews.com/investor-loses-80k-in-tokens-to-eip-7702-batch-scam/
