According to an official announcement: Binance’s security team, committed to protecting users from various threats, has developed a unique algorithm for detecting address poisoning, a rising crypto scam capitalizing on public blockchains' transparency. This inventive algorithm has successfully flagged over 15 million spoofed addresses on the Ethereum and BSC networks so far.
Address poisoning, or address spoofing, is a scam perpetuated by injecting a small amount of crypto from an address that is eerily similar to a frequently used counterparty address. Scammers hope that unsuspecting victims will mistakenly copy the "poisoned" address, thus redirecting the funds to the scammer's wallets.
As part of their layered protection strategy, Binance's security team developed an identification method to counter this scam, which has been instrumental in alerting users and averting potential losses.
On top of this, Binance advises users to follow some basic principles of transfer hygiene and common-sense security measures. This includes double-checking the recipient’s entire address, utilizing name services like Ethereum Name Service (ENS), conducting test transactions, and being vigilant with copying and pasting.
With the continuous adaptation of scammers towards exploiting the crypto sphere, these data-driven precautions and user-focused awareness practices have proven paramount in thwarting such attacks and ensuring the safety of the user's digital assets.
