EIP-7702 Phishing Drains $1M with Fake Uniswap Interface
An EIP-7702 phishing exploit on Ethereum used a fake Uniswap interface to trick a user into approving a deceptive wallet signature, granting delegation under EIP-7702. The attacker performed rapid, Uniswap-like batch token swaps and transfers, draining approximately $1 million from the victim’s wallet. Security researchers at SlowMist highlight that a single EIP-7702 phishing delegation signature can permit broad token operations without further confirmations. This incident underscores urgent needs for improved wallet-side validation, clearer signature prompts, and regular permission audits. Traders should immediately revoke suspicious approvals, migrate assets to secure wallets, and enable hardware confirmations to mitigate EIP-7702 phishing risks.
Neutral
The $1 million loss from the EIP-7702 phishing exploit highlights wallet security risks but does not directly affect Ethereum’s fundamentals or broader market liquidity. Similar past phishing incidents caused localized sell pressure due to security concerns but did not trigger sustained market declines. In the short term, traders may reduce risk exposure and tighten wallet practices, but in the long term, the market is likely to remain neutral as overall confidence in Ethereum’s protocol and decentralized finance continues, provided security improvements are adopted.