Editor's PiCK
Wintermute: "Ethereum Becomes More Vulnerable to Attacks After Pectra Upgrade"
Summary
- Wintermute, a crypto trading firm, stated that users could become more vulnerable to attacks due to the Ethereum Pectra upgrade.
- They reported that the application of EIP-7702 may increase the likelihood of automated attacks by malicious smart contracts.
- Security expert Taylor Monahan explained that the main issue is private key security, not EIP-7702 itself.
A recent analysis suggests that Ethereum (ETH) users may become more vulnerable to attacks due to the newly implemented Pectra upgrade.
According to The Block, a leading cryptocurrency news and research platform, the crypto trading firm Wintermute analyzed that Ethereum users may be exposed to automated attacks via the account abstraction upgrade ‘EIP-7702’ included in the Ethereum Pectra upgrade.
EIP-7702 is an upgrade designed to allow wallets to temporarily function like smart contracts, enabling batch transactions, gas fee sponsorship, and the use of passkeys or social authentication.
Wintermute explained, “More than 80% of EIP-7702 delegations are being used in malicious smart contracts that employ copy-pasted code,” adding, “This is a method that automatically steals the assets of wallets with leaked keys.”
There are also differing views. Renowned security expert Taylor Monahan said, “In reality, the core issue is not EIP-7702, but that users still struggle to keep their private keys safe,” adding, “EIP-7702 merely provides the capability to drain addresses more efficiently and cheaply.”
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
