Investor loses $1M in EIP-7702 Uniswap scam
A crypto investor has lost nearly $1 million after falling victim to a scam that exploited Ethereum’s EIP-7702 upgrade through a fake Uniswap trading link.
The attack took place when the victim unknowingly signed a malicious transaction. This transaction abused the EIP-7702 design, which was intended to improve how wallets interact with Ethereum smart contracts. Instead, hackers used it to trick the wallet into approving unauthorized transfers.
Security researchers revealed that the fake Uniswap page asked the user to connect their wallet. Once connected, the attacker’s smart contract executed hidden commands. This gave hackers control over the user’s assets, draining $1 million worth of ETH and tokens in minutes.
The case highlights how scammers are exploiting new Ethereum proposals like EIP-7702, which was introduced to replace EIP-3074 for safer transaction execution. But in practice, vulnerabilities in how users interact with dApps are creating new risks.
Rising concerns around Ethereum security
The Ethereum community has been debating the safety of EIP-7702 since its launch. While it was designed to improve wallet security and user experience, incidents like this raise doubts about whether upgrades are being weaponized by attackers.
Cybersecurity experts warn that malicious actors are quickly adapting to changes in the crypto ecosystem. By creating fake platforms such as Uniswap clones, they can take advantage of unsuspecting investors who may not verify contract addresses or website authenticity.
This $1M loss is not an isolated case. Scam trackers report a steady rise in phishing and wallet-draining exploits on Ethereum, especially tied to new standards and proposals. The more complex Ethereum becomes, the more opportunities scammers have to manipulate user trust.
To stay safe, investors are urged to:
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Always double-check URLs before connecting wallets
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Verify smart contract addresses from official sources like Etherscan
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Use wallet security settings that limit approvals
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Revoke old approvals using tools like Revoke.cash
As Ethereum moves forward with upgrades like EIP-7702, developers face growing pressure to balance innovation with robust security measures. Meanwhile, investors must remain vigilant in an environment where even a single wrong click can cost millions.