One message. That’s all it takes for hackers to drain your entire wallet. A signed offchain message is now powerful enough to hand over control of your funds — no onchain transaction required.

EIP-7702: The Risky New Delegation Mechanism

Activated on May 7, 2025, Pectra’s centerpiece EIP-7702 introduces a transaction type called SetCode, which allows users to delegate control of their wallets via a simple signature.

Arda Usman, a Solidity smart contract auditor, confirmed: “An attacker can use this offchain signature to install malicious code into an externally owned account (EOA) and move ETH or tokens — without the user ever signing a transaction.”

This feature effectively transforms user wallets into smart contracts, opening the door to silent yet devastating attacks.

A Stealth Threat Via Innocent-Looking Messages

Yehor Rudytsia, an onchain researcher at Hacken, emphasized that this transaction type allows arbitrary code to be installed in wallets. Previously, such a change required an actual transaction; now, only a signature is enough.

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This shift means phishing attempts, fake DApps, or Discord scams can now result in complete wallet takeovers. “We believe this will become the most common attack vector following the Pectra upgrade,” Rudytsia warned.

Wallet applications that fail to correctly interpret transaction type 0x04 are especially vulnerable.

Hardware Wallets Are Not Immune Anymore

The once-clear distinction between hot and cold wallets is fading. Rudytsia highlighted that hardware wallets are now just as vulnerable if users unknowingly sign malicious messages: “Once signed, all funds can be gone in a moment.”

To stay safe, users should:

• Never sign messages they do not fully understand.
• Look out for delegation requests, especially those involving nonce values.
• Be aware that some delegation signatures can be replayed on any Ethereum-compatible chain.

While multisig wallets offer more robust protection, single-key wallets — including hardware ones — must adopt new safeguards to prevent exploitation.

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However, 46% of users stated that they prefer crypto payments over fiat due to their speed and efficiency.

Bitget Wallet Strengthens Security Measures

Bitget Wallet has implemented multi-layered security measures to boost confidence in crypto payments. MEV protection is now enabled by default on major chains like Ethereum, BNB Chain, and Solana, preventing front-running and sandwich attacks.

Additionally, the GetShield engine actively scans smart contracts, DApps, and URLs to detect malicious activity before users sign transactions.

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To further ensure asset security, Bitget Wallet has established a $300 million user protection fund to cover losses due to platform-level issues.

Emerging Crypto Scams Threaten Security

New crypto scams, such as wallet poisoning, have become a major security concern. Scammers trick victims into sending funds to fraudulent wallet addresses, leading to over $1.2 million in stolen funds in the first three weeks of March.

Survey findings also indicate:

• Gen X users are most concerned about security, while
• Gen Z users prioritize ease of use and lower transaction costs.

Africa and Southeast Asia Lead Crypto Payment Adoption

Bitget Wallet’s report found that Africa and Southeast Asia are the most crypto-friendly regions.

• 52% of African respondents and
• 51% of Southeast Asian respondents showed interest in using crypto for payments.

High remittance costs and limited banking access are key drivers of crypto adoption in these regions.

Bitget Wallet facilitates access to crypto payments by offering non-custodial wallets that do not require traditional bank accounts. With support for 130+ blockchains and stablecoins, users can send and receive digital assets globally while maintaining purchasing power.

Crypto Payments Surge in Latin America

In Latin America, high remittance fees drive users toward crypto payments. As of 2024, bank-based remittance fees averaged 7.34%, making crypto a cost-effective alternative.

You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.

The post Are Security Concerns Slowing Down the Adoption of Cryptocurrencies? appeared first on Coin Engineer.