• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight
Address Poisoning

Investor Falls Victim To $71 Million Address Poisoning Scam

Semilore Faleti
by Semilore Faleti
1 year ago
·
Posted in Crypto scam
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a concerning turn of events, an anonymous crypto trader has lost approximately $71 million worth of assets in an address poisoning scam. This incident has roused much tension in the crypto ecosystem, underlining the need for improved safety measures.

Related Reading: Leaper Finance Exposed: Sleuth Uncovers Alleged Multi-Million Dollar Crypto Scam

Trader Loses 1,155 WBTC To Address Poisoning Attack 

According to multiple reports, an unknown trader fell victim to an address-poisoning scam on Friday in which they lost 1,155 Wrapped BTC (WBTC) valued at $71 million wiping off 97% of the victim’s wallet balance.

For context, address poisoning occurs when malicious actors deceive unsuspecting and innocent traders into transferring their cryptocurrencies to a fraudulent address. Usually, these fake addresses are designed via address mining to resemble the original intended address.

Back in August 2023, former Binance CEO Changpeng “CZ” Zhao raised an alert on this type of attack following an attempt to steal $20 million from one of the exchange’s users. CZ explains that these scammers usually commenced an attack by sending our dust transaction and inserting the fake address into the target’s transfer history.

The ex-Binance boss stated that this address manipulation took advantage of the fact that most wallets’ user interface only shows the beginning and end of addresses hiding the middle part. 

In relation to the recent address poisoning incident, Meir Dolev, Founder of blockchain security firm Cyvers, has confirmed that the scammers’ address had the same six characters at the beginning and the end as the original address. 

He also stated that the attackers have now exchanged the stolen WBTC for 22,956 ETH which has been distributed to 10 different wallets. Meanwhile, the scammers’ main address has been branded as “fake” or “phishing” on the Etherscan Explorer to avoid further attacks.

Related Reading: April Marks A Record Low In Crypto Hacks And Scams: A Sign Of Strengthening Security?

Crypto Losses Fall To $53 Million In April

According to a report by security firm Immunefi, total crypto losses in April 2024 were estimated at $53 million. Of these figures, about $50 million were lost to hacks, while fraud and scams accounted for only $3.03 million. 

Interestingly, While the reported losses for April 2024 are quite weighty, they represent a decline of 60% from the values recorded in March 2024, and importantly a 46% decrease from April 2023.

Nevertheless, the recent address poisoning attack has indicated the need for constant vigilance from investors alongside continuous innovation in terms of blockchain network security. 



Address PoisoningTotal crypto market valued at $2.261 trillion on the daily chart | Source: TOTAL chart on Tradingview.com
Featured image from Getty Images/iStockphoto, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Semilore Faleti

Semilore Faleti

Follow

Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

Full Profile

Related Posts

phishing

Crypto Phishing Attacks Surge In August As Losses Hit $12 Million

1 day ago
crypto

Crypto Ponzi Scheme Ruling: EminiFX Founder Ordered To Repay $228 Million

2 weeks ago
crypto

New Zealand Man Arrested In $265 Million Crypto Scam

3 months ago
crypto

Crypto Scam: Brazilian Judge Issues 128-Year Sentence To $190-M Ponzi Mastermind

4 months ago
Crypto

Crypto Podcaster Jailed For 45 Months In Fraud Case – Details

5 months ago
Crypto

Crypto Scam: US Authorities Indict Las Vegas Man In $24 Million Ponzi Scheme

6 months ago

Premium Sponsors

Press Releases

  • miner

    XRP price battles for key support levels, with holders...

    2 days ago
  • miner

    Global Investors Tap BAY Miner App for BTC and XRP Monthly...

    2 days ago
  • Cloud Mining

    From Holding to Profit: How XRP Earns $27,000 Daily from...

    2 days ago
  • minwer

    XRP Holders Can Earn $10,000 a Day Through COME...

    3 days ago
  • BTC prices hit a two-week high, and holders flocked to GMO...

    3 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.