Ethereum News Exposé: How Hackers Exploit EIP-7702 to Drain Wallets

Introduction
The world of digital finance is evolving rapidly, and staying informed is crucial. In the latest Ethereum News, we examine how hackers are exploiting EIP-7702 to drain wallets. On May 24, a wallet that had just been enabled with this new protocol lost approximately $150,000 after scammers convinced the user to approve a malicious batch of token transfers.

Key Details of the Incident:

• Event Date: May 24
• Loss Incurred: Approximately $150,000 from one wallet
• Method: Social engineering via a phishing attack that tricked the user into confirming harmful token transfers

This recent attack is part of a larger trend; phishing scams in the crypto space have surged dramatically. In April 2025 alone, scams drained roughly $5.3 million from 7,565 wallets across the globe.

Takeaways and Expert Advice:

• Be Vigilant: Users should thoroughly scrutinize all transaction requests, especially those involving new protocols like EIP-7702.
• Crypto Tax Tips: While navigating the buying, selling, and loss recovery process, consider consulting with a tax expert to manage potential tax implications.
• How to Build a Crypto Portfolio: Diversify your investments and use trusted platforms that provide robust security features. Also, back up wallet credentials and regularly review account activities.
• Security Enhancements: Implement two-factor authentication and use hardware wallets to mitigate phishing risks and unauthorized transactions.

Conclusion
As cybercriminals continue to innovate, so must our security practices. By staying informed about ongoing threats and utilizing established crypto tax tips and portfolio management strategies, investors can better safeguard their assets. For more detailed analysis and the evolving nature of these threats, follow the latest cryptocurrency news and global crypto news updates.

Source Link: Read the full article here