The Pectra Upgrade for Ethereum is facing risks due to scammers. How might this impact the price of ETH?

GoPlus Security reports that the Pectra upgrade is encountering a significant security threat. Users are urged to only approve EIP-27702 through official wallet applications and plugins. According to GoPlus Security, the Ethereum Pectra upgrade, which was recently released, is experiencing security issues. Critical vulnerabilities have surfaced as individuals try to activate EIP-27702 smart accounts following the Pectra upgrade, with scammers taking advantage of users’ trust in Pectra. As reported by GoPlus Security, the on-chain information sourced from bundlebear. com revealed that more than 22,300 addresses were utilizing smart accounts, with users being unaware of the associated risks. As discussed in our latest publication, the Ethereum Pectra upgrade allows for Externally Owned Accounts (EOAs). These accounts function similarly to smart contract wallets by allowing control to be delegated through a signed message. While the EIP-2300 feature improves user experience, it also introduces new security vulnerabilities that need to be addressed promptly. GoPlus discovered through decompiling contract code that users can lose their ETH coins if they give permission to the malicious delegator located at the address “224×23.94fcc37d6042c79211ee18a02857cb1fd2f0d0b.”. An examination of the code revealed that every ETH is automatically redirected to the scammer’s wallet address 0x000085bad after authorization.