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Trader Lost a Staggering $68 million due to Carelessness
In a concerning incident, an unidentified trader lost this massive sum in Wrapped Bitcoin (WBTC) during a single transaction, falling victim to an "address poisoning" scam.
The incident came to light when onchain security firm Cyvers flagged the loss in a post on May 3: "Is it true? Did someone actually lose $68 million in #WBTC? Our monitoring system detected another address that suffered from address poisoning and lost $1,155WBTC."
The victim, identified by the wallet address "0x1E," saw over 97 percent of their assets vanish, amounting to a total loss exceeding $67.8 million, as per CoinStats data.
Such scams are denting the trust of mainstream users in the crypto sphere. Earlier in April, investors lost around $33 million in digital assets due to fraudulent activities linked to the ZKasino gambling platform. The arrest of a suspect by Dutch authorities on April 29 shed light on this scam.
Despite the ZCasino incident, April witnessed a total loss of $25.7 million in cryptocurrency due to various fraudulent schemes and attacks, marking a significant decrease from previous months. This reduction, amounting to 141 percent, is attributed to a lower number of compromised private keys. While April recorded only three private key breaches, March saw over 11 attacks targeting private keys.
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