Crypto Nightmare: $69.3M Vanishes in Address Poisoning Scam

Cybercriminals have pulled off a daring heist, making off with a staggering 1,155 wrapped Bitcoin. Tricking unsuspecting users into falling for malicious transactions.

Imagine waking up one day to find that your cryptocurrency worth over $69 million has been stolen. That’s exactly what happened to a crypto user, as reported by blockchain security experts at CertiK. The culprit? A cunning address-poisoning attack on May 3rd.

The attacker cleverly mimicked a small ETH transfer before swiftly making off with the victim’s wrapped Bitcoin (WBTC) in the next transaction. It’s a chilling reminder of the ever-evolving and sophisticated tactics used by cybercriminals in the world of cryptocurrency.

Renowned on-chain detective ZachXBT teams up with cutting-edge crypto security company Cyvers to uncover a shocking truth. According to Cyvers’ CTO Meir Dolev, this case marks the biggest loss yet due to a cunning address poisoning scam.

This devious scheme tricks victims into sending their assets to a fraudulent address that mimics the first and last few digits of a legitimate one.

Beware, dear users, for this cunning method has ensnared many in its deceptive web. The subtle nuances can easily deceive, especially when wallet addresses stretch beyond 40 characters of jumbled letters and numbers.

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What next for the price of Bitcoin (BTC) and Ethereum (ETH)?

Losses from crypto hacks fell 67% to $60 million in April

This treacherous scheme has already surpassed the profits garnered from previous exploits and scams in the past month, raking in a staggering $25.7 million in digital assets.

Even the renowned security firm CertiK has acknowledged the alarming trend, revealing that April marked the lowest levels of defi scams since the start of the year.

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