World Liberty Financial’s (yes, that WLFI) governance tokenholders have discovered an unpleasant new way to lose their tokens: a good old-fashioned phishing scam, now enhanced by Ethereum’s EIP-7702 upgrade. According to SlowMist founder Yu Xian, hackers are gleefully exploiting this mechanism faster than you can say “private key leakage.” 🕵️♂️
Back in May, Ethereum tossed us the Pectra upgrade, generously gifting us EIP-7702. This upgrade lets external accounts play dress-up as smart contract wallets-a clever bit of tech that delegates execution rights and handles batch transactions. The idea was to make life easier for the user, but as usual, convenience and chaos go hand-in-hand. Imagine giving your house keys to a friendly stranger and saying, “Please water the plants”-except that stranger turns out to be a cat burglar. 🐱👤
Yu Xian took to X (formerly Twitter, because who remembers anymore?) and detailed the latest scheme: hackers stealthily plant a malicious address inside victim wallets, lying in wait. Then, the moment you deposit tokens, bam-they snatch them up quicker than a seagull on a french fry. This scam is raining down particularly hard on WLFI tokenholders.
“Ran into a case where a guy’s multiple addresses got their WLFI scooped clean. All thanks to the 7702 delegate contract exploitation-and surprise, surprise-the private key had leaked,” Xian lamented, sounding like a man who’s seen too much of the blockchain underbelly.
In case you missed the memo, the one and only Donald Trump (yes, that Donald Trump) threw his hat in the crypto ring with World Liberty Financial (WLFI), which debuted trading Monday morning, boasting a casual 24.66 billion tokens. Because when you’re aiming for financial liberty, why not make it billions?
How it works (spoiler: not how you think)
Right before the big WLFI launch, an X user shared the unfortunate tale of a friend who watched their WLFI evaporate after adding some Ether (ETH) to their wallet. You’d think that transferring money would be safe, but nope-welcome to crypto, where every transaction feels like handing over your wallet to a pickpocket while wearing a flashing neon sign.
Xian deconstructed the debacle as a textbook case of the “Classic EIP-7702 phishing exploit.” The hackers get their hands on the victim’s private key, sneak in a delegate smart contract, and voilà-instant token theft. And how are these ill-gotten keys obtained? Through the timeless art of phishing-basically, the internet’s oldest con, dressed up for the blockchain era.
“Try to move your precious WLFI tokens locked in the contract and watch your gas fees vanish into thin air,” Xian warns. Yes, even the energy you spend to escape this mess is promptly stolen. If that’s not ironic, what is?
Xian’s advice? “Cancel or replace the ambushed EIP-7702 with your own,” and if you can, herd your tokens away from compromised wallets faster than a squirrel on espresso.
Crypto users share their WLFI horror stories
Over on the WLFI forums-imagine a digital campfire where people lament their crypto miseries-users like hakanemiratlas recount wallet hacks from as far back as last October. His tale? Transferring only 20% of his WLFI to safety was a stressful race against automated villainy. Sending ETH just to cover gas fees felt like trying to pay a toll on the highway while being chased by robbers. 😰
“80% of my tokens are still trapped in that compromised wallet. I’m biting my nails waiting for the hacker to press ‘send’,” he said, channeling every crypto investor’s nightmare.
Another forum warrior, Anton, pointed out the design flaw: the wallet that got you on the WLFI whitelist is the same one you have to use to join the presale. Unsurprisingly, automated bots are swooping in faster than you can say “secure your keys,” snatching tokens the moment they arrive.
Anton is pleading with the WLFI Team for a direct transfer option. Because apparently, nothing says “financial liberty” like having to beg the devs for basic security features.
Scammers galore as token launch drama unfolds
As if WLFI holders didn’t have enough to worry about, the token launch attracted its own parade of scams. Bubblemaps, the analytics crowd, spotted several “bundled clones”-look-alike smart contracts dressed up like your favorite blockchain projects, probably hoping to catch you out if you blink.
The WLFI team has been quick to clarify: they won’t slide into your DMs on any platform-if anyone claims otherwise, they’re faker than a three-dollar bill. Official support means email only, and even then: double-check the domain before clicking anything. Because, in crypto, skepticism is your best friend. And sometimes, your only friend. 🙃
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2025-09-02 07:48