Cryptocurrency wallet Wrapped Bitcoin (WBTC) has lost $69.3 million in cryptocurrency as a result of an address poisoning attack, according to CertiK, a blockchain security company.
According to a description provided by digital asset wallet provider Ledger, address poisoning typically involves fraudsters sending small amounts of cryptocurrency to a wallet via an address that looks similar to the wallet's address.
This method is designed to allow the wallet owner to mistakenly copy the fraudster's address from the transaction history and transfer funds to that wallet.
In this case, CertiK notes, the scammer simulated a 0.05 #CryptoWatchMay2024 (ETH) transfer and tricked the victim into sending 1,155 #WBTC worth $69.3 million to the wrong address.
WBTC is an ERC-20 token tied to the price of #CryptoWatchMay2024 , allowing traders to speculate on #bitcoin while remaining in the Ethereum ecosystem. At the time of writing, WBTC, the 16th largest crypto asset by market capitalization, was trading at $62,953, up nearly 7% in the last 24 hours.
Peckshield, a blockchain security company, noted that the scammers exchanged the stolen WBTC for 23,000 #ETH , which was later withdrawn.
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