Ethereum Address Misuse Hits 65,340 Cases with $574.8M in Losses

A recent academic study has shed light on a widespread issue affecting Ethereum (ETH) and BNB Chain. Researchers found that 65,340 addresses were misused, resulting in losses exceeding $574.8 million. The study identified two types of misuse: contract-account and externally owned account cases.

The researchers analyzed over 2.5 million transactions across the two networks and reported a detection system precision rate of 99.11%. They found that attackers exploited cross-chain address reuse and EIP-7702 to capture funds sent to unsafe addresses.

The study highlighted the importance of verifying active networks, using official project documentation, and keeping test accounts separate from production funds. The researchers also urged users to be cautious when a wallet detects an exposed private key or an address with no contract code on the current chain.