Security Risk: 63% of Ethereum’s First EIP-7702 Transactions Originate from Attackers

I still remember the excitement when EIP-7702 was announced. Finally, smart wallets were supposed to become even simpler and more flexible—a milestone for Ethereum. But what was celebrated as progress has now turned into a nightmare for many users. According to a recent study, 63% of all first transactions using this new standard came from attackers, resulting in losses of $2.36 million. I’m genuinely shaking my head—what went wrong here?
EIP-7702: A Good Idea—But With Dangerous Flaws
EIP-7702 was supposed to make life easier: users could integrate smart contract functions directly into their wallets without relying on external services. Sounds great, right? Faster, cheaper transactions—finally a step toward mass adoption. But reality has proven otherwise.
Because as soon as the update went live, attackers pounced on it like flies on honey. The study reveals that over half of all first transactions with EIP-7702 originated from fraudulent accounts—and this wasn’t a coincidence. The new feature allows users to grant authorization for multiple transactions—a goldmine for cybercriminals.
How the Attackers Struck
The fraudsters’ approach was simple but effective: phishing and manipulated smart contracts. Many users were lured into



traps via fake wallets or "upgrade" messages. Once authorization was granted, the money was gone—often undetected until it was too late.
What made it even more insidious was that once authorized, attackers could quietly drain funds in the background. No wonder losses soared into the millions. And the worst part? Many victims don’t even realize it or don’t dare to report it.
What Can We Do Now?
I wish I had a simple solution at hand. But the truth is, caution is now crucial. Here are a few tips that could save the day:
- Use only official wallets—Always double-check before authorizing anything.
- Avoid granting unknown authorizations—Especially with new standards like EIP-7702.
- Monitor transactions closely—Report suspicious activity immediately.
- Listen to the community—New technologies need time to become secure.
Conclusion: A Necessary Wake-Up Call
EIP-7702 definitely has potential—but the current figures show that its rollout isn’t nearly mature enough. Developers are now under pressure to deliver faster security updates and better protect users.
Until then, in the crypto jungle, every user must act as their own guardian. And unfortunately, that’s no easy task. But hey, at least we’re learning—even if it sometimes hurts.