Ethereum EIP-7702 Phishing Exploit May Have Led to $1 Million Loss Using Uniswap-Like Transactions

• Attack vector: deceptive wallet signature prompts mimicking Uniswap transactions.

• Exploit used EIP-7702 delegation mechanics to authorize batch token operations without further user action.

• Security impact: one wallet lost approximately $1,000,000; highlights urgent wallet-side validation needs.

EIP-7702 phishing: Ethereum phishing scam drained ~$1M via malicious signature and Uniswap-like transactions — learn how to protect your wallet now.

What is EIP-7702 phishing?

EIP-7702 phishing refers to attacks that exploit Ethereum’s delegated transaction mechanics to trick users into signing a one-time authorization that allows malicious Uniswap‑style batch operations. The result can be immediate wallet drains when a user approves a crafted signature on a phishing site.

How did the EIP-7702 exploit work?

The attacker hosted a phishing page that mimicked a decentralized exchange. A wallet signature prompt appeared and, when approved, granted the attacker delegation rights under EIP‑7702 semantics. Malicious batch transactions then swapped and transferred multiple tokens in rapid succession.

Security researchers and incident responders, including comments from Yu Xiang at SlowMist Security, note that a single confirmed signature can permit systematic token siphoning. Reported losses in this incident total approximately $1,000,000.

Frequently Asked Questions

What immediate steps should a user take after an EIP-7702 phishing signature?

Revoke approvals via your wallet’s permission management, move remaining assets to a new wallet created from a secure seed, and monitor on‑chain activity. Document transaction hashes and contact on‑chain security responders for tracing assistance.

How do I know if a site is a phishing page when prompted to sign?

Check the domain carefully, confirm the exact actions described in the wallet prompt, and refuse any request that mentions broad delegation or batch approvals. If unsure, do not sign and consult security advisories or wallet support channels.

Community Impact and Analysis

The exploitation of EIP-7702 in this case demonstrates how delegation features can be abused by phishing sites to mimic decentralized exchanges. Researchers observed Uniswap-lookalike UI elements and batch token calls during the attack.

Although the incident did not trigger systemic market panic, it intensified discussions about wallet UX, on-chain approval visibility, and the need for protocol-level safeguards to limit risky delegation semantics.

Comparative Summary

Key Takeaways

• Signature risk: Single delegation signatures can enable broad access; always verify the action.
• UX limits matter: Clear wallet prompts and approval revocation tools reduce phishing effectiveness.
• Actionable defense: Revoke suspicious approvals, migrate assets, and prefer hardware confirmations.

Conclusion

The reported Ethereum phishing scam exploiting EIP-7702 shows how delegation mechanics and deceptive Uniswap-like interfaces can produce severe losses. COINOTAG recommends immediate wallet hygiene, protocol review for delegation safety, and broader adoption of stricter wallet-side validation to reduce phishing risk.