The Ethereum ecosystem is constantly evolving, dedicated to providing users with a safer and smoother experience. As a core component of the Pectra upgrade scheduled for May 2025, Ethereum Improvement Proposal (EIP) 7702 has garnered significant attention. It aims to grant our commonly used Externally Owned Accounts (EOAs) temporary smart contract capabilities, greatly enhancing operational convenience. However, this powerful feature also gives rise to a new and significant security risk: EIP-7702 phishing attacks.

This article will provide a clear and in-depth analysis of what EIP-7702 is, how it works, and why we need to be highly vigilant against the new phishing risks associated with it.

What is EIP-7702: Unlocking "Temporary Superpowers" for Your Regular Wallet

In simple terms, EIP-7702 is a technical standard that allows a user's regular account (EOA) to temporarily gain powerful smart contract-like capabilities within a single transaction, without needing to switch wallets.

We can understand this with a vivid analogy:

• Externally Owned Account (EOA): Like a regular house key, it has a single function. It can only do one thing at a time, such as unlocking or locking a door. If you want to complete a "token approval" followed by a "swap" in a decentralized application (DApp), you need to sign and confirm two separate transactions.

• Smart Contract Account: This is like a smart home system. You just press a "home mode" button, and the system can automatically perform a series of preset actions like opening the door, turning on the lights, and playing music. This is known as "batching transactions."

The role of EIP-7702 is to give your "regular house key" a "temporary superpower." Within a single transaction, it can execute a series of complex instructions, just like a smart home system. This means users can enjoy the convenient features of Account Abstraction, such as batching transactions and having a third party pay for gas fees, without needing to change their wallet.

How It Works: How EIP-7702 Achieves "Temporary Empowerment"

EIP-7702 is implemented in a very clever way. It introduces a new transaction type that allows a user to include a special authorization signature when initiating a transaction. This signature points to a pre-set piece of contract code.

The entire process can be compared to giving a trusted butler a "one-time authorization card" with specific instructions:

1. Sign Authorization: You (the user) first need to sign a special digital signature. This is equivalent to writing instructions on the "one-time authorization card," for example: "Authorize the transfer of 10 coins from my account A to address B and pay the transaction fee with my token C for this task."

2. Temporary Delegation: This "authorization card" is sent to the network along with your transaction. During the execution of this transaction, your account temporarily gains the ability to execute the complex instructions on the card, as if it were being delegated to a smart contract.

3. Execution and Reversion: Once the transaction is completed or fails, this "superpower" immediately disappears, and your account reverts to being a regular key, as if nothing happened.

This "use-and-discard" design provides immense flexibility without fundamentally changing the structure of EOAs and is considered a significant leap forward in the Ethereum user experience.

The Core Risk: Beware of EIP-7702 Phishing Attacks That Have Caused Millions in Losses

However, it is precisely this powerful "one-time authorization" capability that has become a breeding ground for new EIP-7702 phishing attacks. Because the feature is relatively new, attackers exploit users' unfamiliarity to craft sophisticated authorization traps, which have already resulted in significant asset losses.

The pattern of this attack is like a scammer disguised as a delivery person handing you what appears to be a standard delivery receipt to sign. But in the fine print of this document, it inconspicuously states: "Authorize this person to enter your safe and take all valuables." Once you sign, even just this once, the consequences will be disastrous.

The principle behind EIP-7702 phishing is very similar:

• Disguised Interfaces: Attackers create seemingly legitimate phishing websites, such as a fake airdrop claim page, a counterfeit decentralized application (DApp), or a harmless-looking commemorative NFT minting site.

• Inducing Signatures: When you click the "Claim Airdrop" or "Confirm Transaction" button, your wallet will pop up a signature request. The interface for this request may look normal, even identical to a regular transaction, but in reality, you are signing a malicious EIP-7702 authorization.

• Asset Theft: Once signed, you grant the attacker's malicious contract extremely high permissions. In the ensuing transaction, the contract can execute batch operations, instantly draining all the various tokens and NFT assets from your wallet in one go.

According to reports from multiple blockchain security firms, since the Pectra upgrade went live, there have been numerous phishing attacks exploiting EIP-7702, some initiated by professional phishing groups like #InfernoDrainer. In some cases, victims have lost crypto assets worth tens of thousands or even over $1.5 million due to a single incorrect signature. This serves as a stark warning: while enjoying the convenience brought by technological innovation, we must be doubly vigilant against hidden security risks.

Practical Prevention Guide: How Users Can Avoid Authorization Traps

Although EIP-7702 phishing is highly deceptive, we can significantly reduce the risk of theft by following these good security habits:

1. The Ultimate Rule: Scrutinize Every Signature Request At all times, the signature request that pops up in your wallet is the last line of defense for your assets. Don't rush to click "Confirm." Take the time to carefully read the content and target of the authorization, especially for requests involving "Set Approval For All" or unfamiliar authorization types like EIP-7702. If you don't understand it or have any doubts, the safest choice is to reject it immediately.

2. Use Security Tools and Secure Wallets Choose reputable wallets that receive continuous security updates. Many mainstream wallets are introducing or have already launched optimized interfaces for new signature types (like EIP-7702). They use methods like transaction simulation to more clearly display the specific consequences of a signature (e.g., "This will transfer all your assets"), helping you identify potential risks.

3. Practice Strict Asset Segregation This is one of the most effective and universally applicable security strategies. Do not use a "vault wallet" that holds a large amount of assets for daily interactions with any DApps. You should have a "daily-use wallet" (or "hot wallet") with only a small amount of funds, specifically for high-risk activities like trying out new projects or claiming airdrops. Even if the daily-use wallet is compromised, the losses will be minimized.

4. Cross-Verify Information Sources Be skeptical of anything that seems too good to be true. Whether it's an airdrop, a whitelist spot, or a high-yield promise, always verify its authenticity through official channels (such as the official website, official X account, or official Discord community). Never click on links from unknown sources or scan QR codes from untrusted origins.

Conclusion: Striking a Balance Between Embracing Convenience and Mitigating Risk

EIP-7702 is undoubtedly a significant step forward in improving the Ethereum user experience, allowing hundreds of millions of EOA users to enjoy the many benefits of account abstraction. But as history has repeatedly shown, technological advancements always come with new security challenges, and EIP-7702 phishing is one of the core risks we must confront today.

For every user, the prerequisite for embracing innovation is to build a strong sense of security. This means we need to continuously learn, remain cautious in every on-chain interaction, and make good use of reliable tools to protect ourselves. Ultimately, only through the collective effort of the entire community to find the right balance between convenience and security can the Web3 ecosystem develop in a healthy and sustainable manner.

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