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New Ethereum feature backfires – $150K stolen in sweeper attacks post-Pectra upgrade

2min Read

Ethereum’s EIP-7702 improves wallets but also accelerates exploitation, raising security concerns after major losses.

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  • Ethereum’s EIP-7702 was being exploited by sweeper attacks.
  • The issue stemmed from stolen private keys, not the upgrade itself.

Ethereum’s [ETH] latest upgrade, Pectra, promised to make wallets smarter and more user-friendly. It became a gift to attackers instead.

Just weeks after its launch, attackers have begun exploiting a new feature called EIP-7702 in a surge of automated “sweeper” attacks.

They drained almost $150,000 from a compromised wallet, raising urgent questions about how Ethereum balances usability with security.

Promising upgrade or playground for phishers?

Ethereum’s Pectra upgrade introduced EIP-7702, enabling wallets to temporarily function as smart contracts for a better user experience.

Proposed by Vitalik Buterin, this feature supports account abstraction, allowing users to batch transactions, sponsor gas fees, and enforce stricter spending controls.

While this innovation improves wallet usability and security, it has also become a potential target for exploitation.

ethereum

Source: X

Wintermute’s analysis reveals that over 80% of EIP-7702 delegations are being used by a single malicious contract, dubbed “CrimeEnjoyor.” The contract’s code is short, copy-pasted, and alarmingly effective.

Once it gains access to a compromised wallet – often through phishing – it instantly drains the funds to an attacker’s address.

It’s automation at scale, and it’s proving costly.

Source: X

Blockchain security firm Scam Sniffer highlighted one such incident where a victim lost nearly $150,000 in a single batched transaction linked to the notorious Inferno Drainer service.

With thousands of similar transactions already recorded, it may be that features meant to simplify Ethereum are also accelerating its vulnerabilities.

Maybe it’s not the code

The core issue behind the recent wave of wallet-draining attacks isn’t EIP-7702. It’s the continued problem of leaked or stolen private keys.

The new feature simply makes it faster and cheaper for attackers to exploit already-compromised wallets. Security firms like SlowMist are urging wallet providers to improve visibility into contract interactions and strengthen user protections.

ethereum

Source: X

As Ethereum evolves, the priority must shift toward smarter wallet design, clearer signing prompts, and better user education.

Because even the most promising features can backfire when basic security fails.

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Samyukhtha L KM is a Financial Journalist and Market Analyst at AMBCrypto whose work is defined by one central question: Is the latest trend in blockchain hype, or history in the making? Her expertise is built on a strong academic foundation, with a Master’s in Journalism and Mass Communication from Amity University and a Bachelor’s in Commerce from the University of Madras. This dual qualification equips her with a unique skill set: the financial acumen to dissect market mechanics and the journalistic rigor to investigate and communicate complex subjects with clarity. Samyukhtha specializes in analyzing the socio-economic impact of blockchain adoption and assessing the viability of new market narratives. This includes a focus on high-velocity, community-driven assets such as memecoins, where she evaluates sentiment and fundamentals. She is dedicated to providing readers with insightful, well-researched commentary that looks beyond immediate market moves to understand the long-term implications of decentralized technology.
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