Trader loses $68 million in Bitcoin to address poisoning scam
I was going through my feed on X as usual and came across a post from lookonchain which is a cryptocurrency stat account who keep eyes on unique transactions happening in crypto universe. According to lookonchain a whale lost $68m in address poisoning scam.
Bitcoin whale created a new address and transferred a little amount for test. Someone generated the similiar adress which start and ends with same string and transferred dust amount of bitcoin to the whale. The whale copied the Bitcoin adress which he supposed to be his own adress. As a result he transferred $68 million to the poisoning address. These $68 million were 97% of his portfolio.
This is not the first scam in crypto, there has been plenty of others happened in the past which cost millions of dollars to users. In last month april someone lost $33 million to scam Zkcasino project. The related authorities have arrested a person in suspect.
These kind of scams are increasing rapidly , being a crypto user it is advised to not do the same mistake which is done by the whale. If you are to transfer assets to a new wallet make sure to copy the adress from the right place. Never copy adress from a previous transaction. Because this is where the trouble starts.
The scammers will generate similiar adress that starts and ends similiar like yours and will send you the dust amount of a random asset. This will appear in your transaction history. You will get caught into this scam if you copy adress from the transaction history. Bottom line is that always copy the adress from the right place.
Crypto adoption is happening fast but scams are growing as well. But if we do things properly then the chances of scams will be minimum. There are a few tips and guidelines which can be followed and taken care in order to avoid losses.
If you are a newbie then do not fall in trap, scammers will dm you and ask you to double your money or will ask you to connect your wallet to some random websites for claiming airdrop. Indeed they will get your funds drained if you ever connect to one of a malicious website.
Stay away from memecoins as you will lose your money very fast in the hands of these greedy developers. Do not click random links sent to you or that come in your way. Always click links from official and verified sources.
Another common scam which is going on everywhere is impersonators sending links to fake airdrops which contain malicious links. Upon connecting wallets funds will lost immediately. This is the growing scam tactic which needs to be taken care.
Never be lazy especially when you are interacting with crypto stuff. Be active and fully functional during these times as it is good for your own safety.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
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About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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Its a bit mad the the user did not copy and paste his own wallet address in his address book rather copy the last address in his history which was the scam wallet. Also I did not know you could generate a wallet with an address of your chosing. The scammer hardly kept creating wallets no? How did they pull it off?