The Dark Side of EIP-7702: Users Lose $1.54M in Sophisticated Batch Transaction Scams

A troubling security incident has emerged in the crypto space, with multiple victims falling prey to phishing attacks leveraging EIP-7702 technology. According to Scam Sniffer’s latest tracking data released on August 24, attackers have successfully defrauded users of approximately $1.54 million through cleverly disguised batch transaction exploits.

How the Attack Works

The sophisticated phishing scheme exploited EIP-7702 (a protocol enhancement proposal) to execute what appears to be legitimate batch transactions. However, hidden within these multi-operation transactions were malicious instructions that went far beyond users’ intended interactions.

The compromised batches contained multiple embedded operations, including unauthorized token transfers and NFT approval mechanisms. This layering technique allowed attackers to obscure the true nature of the transaction, making it appear as a routine blockchain interaction to unsuspecting users.

Why EIP-7702 Became a Target

The 7702 standard, which enables account abstraction features, provided attackers with a powerful vector. By bundling multiple actions into a single transaction signature, scammers could execute complex sequences of asset movements across tokens and NFTs in one fell swoop. Victims who authorized what they believed was a standard operation inadvertently signed away access to their entire portfolios.

What Users Need to Know

This incident serves as a stark reminder that transaction complexity can be weaponized. Even tech-savvy users may struggle to verify the true contents of batch operations before execution. The scale of the loss—$1.54 million across multiple victims—demonstrates the real financial stakes involved in such attacks.

Security researchers continue monitoring similar phishing patterns, but the burden ultimately falls on users to exercise extreme caution when signing any transaction involving multiple operations or approvals.