Crypto Investor Hit by $1.54M Loss in Phishing Scam Using EIP-7702

TLDR

• Investor lost $1.54M in phishing scam exploiting EIP-7702 batch transactions.

• Stolen assets included wstETH, cbBTC, and several other tokens.

• Scam used fake DeFi interfaces that mimicked real apps like Uniswap.

• Similar scams also drained $1M in NFTs earlier this week.

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A cryptocurrency investor has lost $1.54 million after signing phishing batch transactions tied to the EIP-7702 standard, according to anti-fraud service Scam Sniffer. The incident resulted in the theft of wrapped Ethereum (wstETH), wrapped Bitcoin (cbBTC), and several other tokens.

The attack exploited the batch transaction feature introduced under Ethereum’s Pectra upgrade. This feature allows multiple operations to be executed within a single transaction, improving efficiency for legitimate users but also opening new opportunities for exploitation.

How Crypto Scammers Used EIP-7702 to Trick Victims

The phishing scheme involved a fraudulent DeFi interface that mimicked platforms like Uniswap. Victims were prompted to approve transactions that appeared routine, but in reality, they authorized hidden transfers. Once approved, attackers drained the wallet almost instantly.

Scam Sniffer explained that many users are not yet aware of the risks tied to EIP-7702 because of its recent introduction. The malicious transactions were structured to appear normal, leaving unsuspecting users vulnerable to asset loss.

The fraud detection service reported that similar schemes have been recurring since the feature went live, with attackers targeting addresses upgraded under the new standard.

NFTs Among Assets Stolen in Similar Crypto Scams

Earlier this week, another investor lost around $1 million in NFTs and additional tokens under nearly identical circumstances. The transactions were disguised as Uniswap swaps but were instead phishing contracts designed to misappropriate funds.

A comparable incident was reported earlier this month, reinforcing concerns that EIP-7702 batch transaction phishing is becoming a recurring trend. Scam Sniffer confirmed, “We’ve spotted multiple victims with this pattern targeting EIP-7702 upgraded addresses.”

These reports indicate that the attackers are continuously exploiting user inexperience with new Ethereum transaction standards to maximize their gains.

Warnings and Ongoing Risks for Investors

Scam Sniffer has urged users to remain vigilant when approving batch transactions and to verify interfaces carefully before signing. Fake DeFi platforms designed to mirror legitimate services remain one of the most common attack vectors in the crypto sector.

The group emphasized that even though batch transactions improve user experience for legitimate applications, the added complexity increases the chance of abuse. Investors are advised to use trusted applications and double-check permissions granted during every transaction.

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