Ethereum's Pectra upgrade has introduced new functionalities to enhance scalability and smart account features, but it has simultaneously created a significant security vulnerability. Hackers can exploit this by draining funds from users' externally owned accounts (EOAs) using only an offchain signature, without the necessity of an onchain transaction signature from the user. Central to this risk is EIP-7702, which allows users to delegate wallet control via a simple signature. If compromised, malicious actors can replace the wallet's code with a proxy that forwards transactions to their contract, making it possible to transfer funds without user consent. Yehor Rudytsia from Hacken emphasizes that this new transaction type permits the installation of arbitrary smart contracts on user accounts, effectively transforming traditional wallets into programmable entities. Therefore, users are advised to scrutinize delegation requests and be cautious of phishing tactics that exploit this vulnerability. The threat emerged immediately following the upgrade activation on May 7, 2025, indicating urgent need for both individual and wallet developer vigilance to prevent exploitation.

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