Address Poisoning: A Growing Threat to Crypto Users

Address poisoning is increasingly becoming a popular method for scammers to deceive crypto users. A recent victim of this attack lost over 70K USDT.

A victim of a crypto address poisoning scam has lost over 70K USDT in the attack. The funds are now trapped in the scammer’s address, according to data from Arbiscan.

Address poisoning is a type of crypto scam where a scammer deceives victims into sending funds to the wrong address by mimicking the beginning and end of the legitimate wallet address.

This type of scam became more prevalent in the crypto space in 2023 and has continued to pose a threat to crypto users. In early 2024, several high-level incidents involving tens of millions of dollars have brought further attention to this scam method.

CryptoMode previously reported on a case where a user lost over $68 million in wBTC after sending the coins to a scammer’s wallet. The scammer later returned the funds.

To avoid falling victim to such scams, users are advised to always double-check the characters before engaging with any wallet as part of transfer hygiene principles and common-sense security measures, as recommended by Binance.