Crypto user loses $69.3m to address poisoning scammer 

Crypto scammers successfully stole 1,155 wrapped Bitcoins using a technique that tricked users into malicious transactions.

A crypto user lost more than $69.3 million in wrapped Bitcoin (WBTC) in an address poisoning attack on May 3, according to blockchain security provider CertiK. The attacker initially reflected the transfer of 0.05 Ethereum (ETH) and then stole WBTC in the next step. process.

On-chain researcher ZachXBT and crypto security provider Cyvers also confirmed the news. Cyvers CTO Meir Dolev said the case was “probably the highest value lost due to address poisoning scams.”

In address poisoning scams, victims are presented with a similar wallet address and tricked into transferring their assets to the abuser. The malicious address usually spoofs four to six characters at the beginning and end of the address.

Users fall victim to this method because the differences are sometimes difficult to notice, especially since wallet addresses can exceed 40 alpha-numeric characters in some cases.

The incident has already eclipsed the revenue generated from exploits and scams over the past month; This means approximately $25.7 million in digital assets. CertiK also noted that April saw the lowest levels of defi fraud seen since 2021.