According to Cointelegraph, security experts at cryptocurrency exchange Binance have developed an “antidote” to the increasing number of address poisoning scams that trick investors into mistaking Funds are sent to fake addresses.
According to a report shared with Cointelegraph, an algorithm developed by the Binance security team can detect millions of poisoned cryptocurrency addresses, writing:
“We developed a unique method of identifying poisoned addresses, which helped us alert users before they send money to criminals, as well as identify and flag more than 13.4 million spoofed addresses on BNB Smart Chain and 1.68 million on Ethereum. Played an important role in spoofing addresses.”
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Binance’s new algorithm detects fake addresses by first identifying suspicious transfers, such as those worth near zero or unknown coins, pairing them with potential victim addresses, and timestamping malicious transactions to find potential poisoning point.
According to the report, these fake addresses were registered in the repository of HashDit, a Web3 security company that works with Binance, which will help protect the broader cryptocurrency industry from poisoning scams.
“Many cryptocurrency service providers use HashDit’s API to enhance their defenses against various scams. For example, Trust Wallet is one of them, which uses a database of poisoned addresses to alert users when they are about to transfer money to a fraudulent recipient. "
The algorithm also helps flag fake addresses on HashDit’s user-facing products, web browser extensions, and MetaMask Snaps.
This article Binance has developed an “antidote” to address poisoning scams that can detect millions of poisoned cryptocurrency addresses originally appeared on Zombit.