#Crypto User Loses $68 Million in Address-Poisoning #scamriskwarning
A crypto user fell victim to an address-poisoning scam and lost a whopping $68 million.
Reports from security platform Cyvers and blockchain investigator ZachXBT reveal that a user recently lost $68 million worth of wrapped bitcoin (WBTC) in a sophisticated address-poisoning scam.
Address poisoning is a sneaky trick used by cyber criminals. They mess with real transactions by sending them to the wrong wallet addresses on purpose.
In this scam, the bad guys make fake addresses that look almost the same as the real ones.
They capitalize on the fact that people often miss small differences. So, even though the addresses are slightly off, they can trick people into sending money to the wrong place.
In this tricky scheme, the scammer set up a fake wallet to pretend to be the person the victim wanted to send money to
. They smoothly made a small transaction of 0.05 ETH to make it seem legit.
Then, without the victim knowing, they grabbed 1,155 WBTC from them.
Hackers and scammers spread through the crypto world, use
various tactics to steal from investors. Each year, millions of dollars’ worth of cryptocurrency fall victim to such schemes, underscoring the ongoing debate between industry stakeholders and regulators, such as the SEC, regarding cryptocurrency oversight.
