Cryptocurrency Investor Loses $1.54 Million in Phishing Scam Using EIP-7702 Batch Transactions.

A cryptocurrency investor lost $1.54 million after falling victim to a phishing scam involving EIP-7702 batch transactions. The scam targeted wrapped ETH and BTC, as well as other tokens, and was disguised as legitimate DeFi interfaces like Uniswap. The victim approved multiple hidden transfers, allowing the attacker to drain their funds quickly. Similar incidents have been reported earlier this month, with Scam Sniffer warning users to remain vigilant.

A cryptocurrency investor has recently suffered a significant financial loss after falling victim to a sophisticated phishing scam. The incident involved the use of EIP-7702 batch transactions, which allowed attackers to drain the victim's assets quickly. The total loss amounts to $1.54 million, including wrapped ETH (wstETH) and BTC (cbBTC), as well as multiple other tokens [1].

The scam targeted the investor through a fake decentralized finance (DeFi) interface that closely resembled legitimate applications like Uniswap. The attacker exploited the convenience feature of batch transactions, which enable multiple operations within a single atomic transaction, to trick the investor into signing away their assets. The victim approved multiple hidden transfers, leading to the rapid depletion of their funds [1].

This incident is not an isolated case. Scam Sniffer, an anti-fraud service, has reported similar incidents earlier this month, involving the loss of $1 million worth of non-fungible tokens (NFTs) and other tokens due to phishing batch transactions disguised as Uniswap swaps. The service has urged users to remain vigilant and be cautious when interacting with DeFi platforms, especially those that utilize EIP-7702 batch transactions [1].

The recent incidents highlight the importance of user education and awareness regarding the risks associated with new cryptocurrency features. While batch transactions offer convenience, they also present potential vulnerabilities that can be exploited by malicious actors. Investors and financial professionals are advised to stay informed about such risks and take necessary precautions to protect their assets [1].

References:
[1] https://u.today/crypto-investor-loses-154-million-in-devastating-phishing-scam