Crypto Investor Loses $1.54 Million in Devastating Phishing Scam – U.Today

Discover insights in the AI & Blockchain area. This article dives into: “Crypto Investor Loses $1.54 Million in Devastating Phishing Scam – U.Today”.

According to anti-fraud service Scam Sniffer, a cryptocurrency investor lately misplaced a complete of $1.54 million after signing EIP-7702 phishing batch transactions.

Wrapped ETH (wstETH), wrapped BTC (cbBTC) in addition to a number of forms of different tokens have been stolen in the course of the assault.

Batch transactions, which make it doable to carry out a number of operations inside a single atomic transaction, have been launched with EIP-7702, which was a part of the latest Pectra improve.

Even although batch transactions present a higher stage of comfort for reputable customers, additionally they include dangers. Bad actors can exploit the brand new function to trick their victims into signing away their property.

Such scams usually contain a bogus decentralized finance (DeFi) interface that carefully resembles precise purposes equivalent to standard decentralized trade Uniswap.

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By approving a number of hidden transfers, a consumer permits a possible attacker to empty their funds in simply mere seconds.

Such malicious transactions have a tendency to look regular on the floor, and a few customers aren’t conscious of potential dangers because of the novelty of EIP-7702.

$1 million price of NFTs misplaced

Earlier this week, Scam Sniffer additionally revealed that somebody had misplaced a complete of $1 million in non-fungible tokens (NFTs) in addition to different tokens after signing phishing batch transactions that have been really disguised as Uniswap swaps.

An extraordinarily comparable incident additionally passed off earlier this month.

“We’ve spotted multiple victims with this pattern targeting EIP-7702 upgraded addresses,” Scam Sniffer mentioned earlier this month, urging holders to stay vigilant.

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