devastating

According to anti-fraud service Scam Sniffer, a cryptocurrency investor recently lost a total of $1.54 million after signing EIP-7702 phishing batch transactions.

Wrapped ETH (wstETH), wrapped BTC (cbBTC), as well as multiple types of other tokens, were stolen during the attack.

Batch transactions, which make it possible to perform multiple operations within a single atomic transaction, were introduced with EIP-7702, which was part of the recent Pectra upgrade.

Even though batch transactions provide a greater level of convenience for legitimate users, they also come with risks. Bad actors can exploit the new feature to trick their victims into singing away their assets.

Such scams typically involve a bogus decentralized finance (DeFi) interface that closely resembles actual applications such as popular decentralized exchange Uniswap.

$1 million worth of NFTs lost

Earlier this week, Scam Sniffer also revealed that someone had lost a total of $1 million of non-fungible tokens (NFTS) as well as other tokens as after signing phishing batch transactions that were actually disguised as Uniswap swaps.

An extremely similar incident also took place earlier this month.

“We’ve spotted multiple victims with this pattern targeting EIP-7702 upgraded addresses,” Scam Sniffer said earlier this month, urging holders to remain vigilant.

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The Solar Energy Industries Association released an assessment of how the budget reconciliation bill currently under review in Congress would have a negative impact on the economy. The legislation cuts incentives around solar power investment and adoption, such as the Section 25D residential tax credit.

The group’s analysis found that the bill, as it stands, would lead to the loss of nearly 300,000 current and future jobs in the US. It also said removal of incentives could mean a loss of $220 billion in investment in the sector by 2030. It also pointed to a future energy shortage, claiming that solar was on course to be responsible for about 73 percent of the 206.5 GW of new energy capacity needed in the country by 2030.

“Passing this bill would create a catastrophic energy shortfall, cede AI and tech leadership to China, and damage some of the most vital sectors of the U.S. economy,” SEIA President and CEO Abigail Ross Hopper said.

It’s the type of reaction we expect to see when an industry is under threat from federal action. It’s also the type of researched data that doesn’t seem to have much influence on the current administration, particularly when it comes to the environment and sustainability.

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Crypto Investor Loses $1.54 Million in Devastating Phishing Scam

$1 million worth of NFTs lost

Solar trade association warns of ‘devastating energy shortages’ if incentives are cut