LIVEA cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address-poisoning" scam.
Address-poisoning scams are carried out by thieves who make spoof accounts of their victim's online crypto address, which they use to send a small amount of currency to the victim in hopes they will accidentally send money to the fake address later.
Because blockchains are public, it's easy for scammers to find people's crypto addresses and send out spoof transactions to phish for victims.
CertiK, a blockchain security firm, confirmed in a post on X that it had detected a transfer of $69.3 million worth of bitcoin to an address "linked with address poisoning."
The victim's crypto wallet now shows a total loss of around 97% of its assets on Coinbase. The account is now worth just more than $1.6 million.
