A study by market maker WinterMute shows that almost half of all Ethereum improvement proposals (EIP-7702) authorizations by users include crimes such as fund phishing and fund attrition.
This is far from Vitalik Buterin’s claim that the temporary smart contract feature gives users “Superpowers” to “Guardrails.”
Since May 7th this year, users have been active this feature 1,580,930 times, with WinterMute teams tagging 768,275 or 48% as crime-related.
Criminals may be subject to further investigation Thousands of people sacrificed Use this feature.
EIP-7702 temporarily converts a user’s signature account into a smart contract wallet during the transaction period. It was meant to enhance user experience and security without permanently changing the account structure.
Buterin also boasts benefits such as transaction bundles, gas sponsorships and other cost savings. He argued that EIP-7702 allows “to adopt a wide range of user experience improvements across applications.”
Many EIP reviewers have approved the implementation.
The EIP-7702 was released on Ethereum Mainnet earlier this year. Protos warned users on May 7 to be aware of using new features to sign messages.
Sadly, all the warnings in that article have come to fruition.
Read more: One malicious transaction led to $230 million emissions from Wazirx
On average, 6,285 transactions use EIP-7702 per day. This is about 0.37% of all ETH transactions.
By May 30, WinterMute had warned that 97% of all EIP-7702 delegations were automatically ejecting or sweeping ETH from the victim’s address.
The “crime” tag in WinterMute investigation refers to delegating a contract that automatically generates funds from an externally owned account.
