Address poisoning attacks are becoming an increasing threat in the cryptocurrency world. These attacks exploit the way users manage their transaction histories and address information.

Hackers monitor the transfer information of various stablecoins on the blockchain, then create a malicious address that closely mimics the user’s address by having the same first and last digits.

The hacker sends an empty transaction to the victim, making the fake address appear in the victim’s transaction history.

When the victim later copies an address from their history for a transfer, they may accidentally copy the hacker’s address instead of their intended recipient’s. This simple yet dangerous trick can lead to substantial financial losses.

Wallet Loses Over 70,000 USDT To Scam

Recently, Cyver Alerts, an AI-powered security system, detected an address poisoning attack. Two days ago, the attacker initiated the poison transaction.

Unfortunately, 23 hours ago, the victim mistakenly sent 70,000 USDT to the scammer’s address. The funds are currently held in the scammer’s account, highlighting the effectiveness and danger of this deceptive tactic.

As the crypto space evolves, so do the methods employed by cybercriminals. It’s crucial for users to double-check addresses and remain vigilant to protect their assets from such sophisticated attacks.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: Max Bender/Unsplash // Image Effects by Colorcinch