User Loses Over $760,000 Due to Address Poisoning Scheme

As a result of «address poisoning,» a user mistakenly sent a significant amount of funds to the wallet of a scammer. This incident caught the attention of the analysts at Scam Sniffer.

The event took place on February 20. The victim copied an address where only the first four and the last six characters matched with the original.

As a result of this transfer, the user lost $763,662.

Address poisoning fraud occurs when a malicious actor sends a small amount of digital assets from a wallet with a similar address to confuse the victim and prompt them to use incorrect details.

It’s worth noting that in June 2024, hackers known as Pink Drainer also fell victim to this type of address poisoning incident.

In May, the cryptocurrency exchange Binance introduced a mechanism to combat this kind of scam. Their algorithm detects fake addresses by identifying suspicious transactions, such as those with nearly zero value or involving low-value tokens.