Hackers Exploit Ethereum Pectra EIP-7702 to Drain WLFI Tokens
Security researchers warn that hackers are exploiting an EIP-7702 vulnerability introduced in Ethereum’s Pectra upgrade to launch a phishing exploit that drains WLFI governance tokens. The attack embeds a malicious delegate contract in compromised smart contract wallets. When users deposit ETH or WLFI as gas, the funds are automatically rerouted to hacker-controlled addresses.
The breach occurred one day after WLFI’s trading debut, with the Trump-linked governance token launching at a 24.6 billion supply. WLFI’s price peaked at $0.3313 before sliding to $0.2427 amid reported losses of up to 80% in some wallets. Security firm SlowMist reports that private key leaks remain the primary entry point.
Experts advise revoking or replacing malicious delegates, migrating assets to secure wallets and interacting only with official smart contracts. Traders should avoid unsolicited links and monitor WLFI markets closely.
This phishing exploit highlights the risks of novel EIP upgrades and underscores the need for robust wallet security.
Bearish
The phishing exploit exploiting EIP-7702 in Ethereum Pectra has directly undermined WLFI’s market confidence, causing a sharp price decline after launch. In the short term, the breach and reports of significant token losses are likely to increase sell pressure and dampen trading volume, leading to a bearish sentiment around WLFI. However, if protocol fixes are implemented quickly and users regain trust through improved wallet security measures, the long-term impact could be neutralized. Historical precedent shows that prompt security patches and community reassurance can stabilize token prices over time. Traders should watch for official updates and on-chain delegate revocation activity as signals for market recovery.