Ethereum and BNB Chain Misuse Losses Reach $575M in Study

Academic research identifies 65,340 high-risk address misuse cases on Ethereum and BNB Chain, totaling $574.8M in permanent crypto losses.

Woofun AI data shows that researchers from Sun Yat-sen University, Zhejiang University, and Peking University identified 65,340 instances of high-risk address misuse on Ethereum and BNB Chain. These incidents resulted in permanent cryptocurrency losses of approximately $574.8 million. The study categorized the misuse into contract accounts (CA) and external accounts (EOA). CA misuse accounted for 49,344 cases involving 22,738.41 ETH and 8,681.41 BNB, while EOA misuse comprised 15,996 cases resulting in losses of 104,224.53 ETH and 9,045.29 BNB. Attackers exploited the EIP-7702 mechanism to hijack exposed accounts and automatically intercept incoming funds. The analysis covered over 10 million candidate addresses with a manual verification accuracy of 99.11%.