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New Feature Introduced in This Altcoin Poses Risk of Asset Theft: Caution Advised

June 2, 2025
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Wintermute, a well-known trading firm in the cryptocurrency markets, has issued an important security warning regarding Ethereum’s recent “Pectra” hard fork.

According to the company, the feature called EIP-7702, which was introduced as part of the update, is mainly abused by malicious people and user wallets are at risk.

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EIP-7702 introduces an “account abstraction” feature pioneered by Ethereum co-founder Vitalik Buterin that allows wallets to temporarily act as smart contracts, allowing users to perform functions such as batching multiple transactions, having gas fees paid by someone else, and social authentication in a single transaction. However, according to data published by Wintermute via Dune Analytics, this ability is being used by malicious attackers to drain wallets.

According to Wintermute’s analysis, more than 80% of EIP-7702 delegations serve attacks called “CrimeEnjoyor,” where a simple and short smart contract is copied and reused across different addresses. This contract automatically transfers assets from wallets with leaked private keys to an address controlled by the attacker.

“The CrimeEnjoyor contract is short, simple, and widely used,” Wintermute said. “This copied bytecode now makes up the majority of all EIP-7702 delegations. It’s both ironic and dark.”

Blockchain security firm Scam Sniffer also recently announced that it had detected a malicious transaction linked to a long-known scam service called Inferno Drainer, which caused a loss of approximately $150,000. Meanwhile, another security firm, SlowMist, in its analysis of EIP-7702’s vulnerabilities, emphasized that wallet service providers should support such transactions and that it is important for users to clearly indicate the destination addresses in the contracts they sign.

*This is not investment advice.

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Disclaimer: Information found on cryptoreportclub.com is those of writers quoted. It does not represent the opinions of cryptoreportclub.com on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
cryptoreportclub.com covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023-2025 Cryptoreportclub. All Rights Reserved