#TradingTypes101 Does #Ethereum Make Life Easier… or Just Easier for Hackers?

there's a story unfolding around Ethereum that’s worth your attention. Ethereum, the blockchain powering countless smart contracts, NFTs, and DeFi platforms, recently dropped a major update called Pectra. $ETH

EIP-7702 allows a regular Ethereum wallet to temporarily act like a smart contract. This opens up powerful functionality — like batching multiple actions into one transaction, paying gas fees flexibly, or setting spending limits. Sounds like a dream for both developers and users, right?

Well, here's the catch: hackers are already exploiting it.

According to crypto trading firm Wintermute, over 80% of all EIP-7702 delegation transactions are tied to malicious contract clones, all stemming from a single source — a wallet-draining contract dubbed “CrimeEnjoyer.” This contract effectively empties wallets compromised by leaked private keys, redirecting all funds to the attacker. And yes, copies of this contract are popping up everywhere.

Another security firm, Scam Sniffer, uncovered a case where someone lost nearly $150,000 via a batch transaction linked to a malicious service called Inferno Drainer — a tailored scam-as-a-service platform. Meanwhile, cybersecurity company SlowMist is urging wallet developers to add more transparency, showing users exactly what they're authorizing and why. EIP-7702 isn’t the root of the problem. According to security expert Taylor Monaghan, the real threat lies in private key exposure. If your key leaks, your assets are toast — EIP-7702 just makes the draining process smoother for the attacker.

So, what are we left with? On one hand, Ethereum is evolving — delivering more powerful tools that can improve user experience. On the other hand, the security around those tools isn’t keeping pace. Powerful features without strong user protection can be a dangerous mix.

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