The Ethereum blockchain underwent a major upgrade today, known as the Pectra fork. This upgrade introduces new features and unlocks powerful tools for developers and users alike. However, within just an hour of the update, warnings began to spread across the Ethereum community.
According to Protos, a new risk emerged that could let scammers drain wallets, just by getting someone to sign a message. The update happened across the Ethereum network, and developers say it’s part of a plan to make wallets smarter and easier to use. But users are now being urged to pause and think before signing anything.
One user warned in a Telegram post, “Be careful what you sign… It is enough to drain all tokens.” Another added, “You only have to sign a message to get completely drained!”
For context, the trouble started with a change called EIP-3074. This new feature adds two operation codes, AUTH and AUTHCALL, that let a user give permission to a smart contract to act on their behalf. In short, you can now hand over control of your Ethereum account to a smart contract.
That sounds good until it isn’t. If the contract is malicious, it could steal everything. “The caller field in the EIP-3074 signature is very important,” the EIP’s authors wrote in a post on Binance. “A bad caller could steal your funds.” The post also said the authors were “unaware” of any wallet that would allow risky signing without some kind of warning.
The Pectra upgrade also introduced EIP-7702. This feature lets users temporarily give their entire account access to a smart contract. That means a single signature could hand over your ETH, tokens, or even NFTs, all at once. This wasn’t possible before Pectra, and it’s got users on edge.
So far, no actual thefts have been reported. Still, users are sounding the alarm. The crypto world has seen enough phishing attacks already, and with these new tools, the stakes just got higher.
Also Read: Ethereum Pectra Now Live with Improved Staking & Gasless Fees
