Crypto Millions Lost to Address Poisoning: a Cautionary Tale

A cryptocurrency holder recently lost over $3 million worth of PYTH tokens after mistakenly transferring them to a scammer’s wallet. The error occurred when the victim, relying on their transaction history, copied and used a fake deposit address. This type of attack is known as “address poisoning,” where fraudsters exploit users’ habit of relying on transaction histories to copy wallet identifiers instead of retrieving them from official sources or trusted contacts.

In this case, the scammer created an address with the first four characters matching the victim’s deposit wallet, causing it to appear in the transaction history. The victim then copied the forged address and sent 7 million PYTH tokens without double-checking the unique identifier.

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<p>The post Crypto Millions Lost to Address Poisoning: A Cautionary Tale first appeared on CoinBuzzFeed.</p>