Ethereum’s New EIP-7702 Update: Powering Convenience, But Risking Security

Ethereum’s latest upgrade, the Pectra update, introduces a feature called EIP-7702 that simplifies smart contracts. This new capability allows users to delegate wallet control using offchain signatures. While this change promises enhanced functionality and ease of use, it also poses significant security risks. 🤔 The vulnerability arises because malicious actors can exploit these signature processes through phishing or fake apps. They could then rewrite the user’s wallet code and gain unauthorized control over their funds, all without requiring any transaction confirmation.