A cryptocurrency investor lost tens of millions of dollars through a scam known as "address poisoning."
Blockchain security firm CertiK confirmed in a post on the X platform that $69.3 million worth of Bitcoin was transferred to an address "related to address poisoning."
The victim's crypto wallet showed that he had lost approximately 97 percent of his holdings on Coinbase. The account is currently worth just over $1.6 million.
Another security firm, PeckShield, announced that the fraudsters exchanged the stolen Bitcoin for 23 thousand Ethereum and then transferred this amount.
WHAT IS ADDRESS POISONING?
This method of fraud is accomplished by thieves creating fake copies of victims' online crypto addresses. Scammers use a fake link or address to trick the victim into logging into a trustworthy website or service.
This fake address or link often looks very similar to the original address but actually leads to a site or service that is under the scammer's control.
When investors send their crypto assets to these fake addresses that appear to be crypto asset wallet addresses but are actually controlled by fraudsters, it is too late.
Since blockchains are public, it becomes easy for scammers to find people's crypto addresses and send fake transactions to bait victims.
Trezor, another crypto trading platform, recommends double-checking each address before sending a transaction to avoid address fraud and never copying an address from transaction history when transferring assets.
The company states that sending a small test transaction before making a large transfer is also an effective method to verify the address.
4 BILLION DOLLARS LOST
According to the FBI's 2023 internet crime report, fraud cases related to crypto assets are on the rise. According to the report, crypto-related scams cost investors a total of $3.94 billion last year.
The agency emphasizes that the best way to detect a case of crypto fraud is to not trust people who only accept payments in crypto or promise huge profits from questionable investments.
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