A cryptocurrency trader lost tens of millions of dollars in a so-called “address poisoning” scam.
Address poisoning scams are carried out by thieves who create accounts spoofing their victim's online crypto address, which they use to send a small amount of currency to the victim in the hope that they will mistakenly send funds to the fake address later, according to the cryptocurrency exchange. Transak encryption.
Since the blockchain is public, it is easy for scammers to find people's cryptocurrency addresses and send fake transactions to phish victims.
CertiK, a blockchain security company, confirmed in a post on X that it had discovered a $69.3 million transfer of Bitcoin to an address linked to the “address poisoning” scam.
The victim's cryptocurrency wallet now shows a total loss of around 97% of its Coinbase assets. The account value now stands at more than $1.6 million.
PeckShield, another security company, wrote in a post on X that the scammers exchanged the stolen Bitcoin for 23,000 Ethereum and then transferred the money.
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