Trader loses $68M in address poisoning scam

    2024.05.03 | exchangesranking | 58onlookers

    An unknown trader has lost $68 million worth of Wrapped Bitcoin (WBTC) in a single transaction in an address-poisoning scam.

    The $68 million theft was first revealed by on-chain security firm Cybers, in a May 3 X post:

    “Are we mistaken, or has someone truly lost $68 million worth of $WBTC? Our system has detected another address falling victim to address poisoning, losing 1,155 $WBTC.”
    Address poisoning attack. Source: Cyvers Alerts

    The victim, wallet "0x1E" inquired has lost over 97% of its total assets, worth over $67.8 million, according to CoinStats.

    wallet ‘0x1E’. Source: CoinStats

    Address poisoning, also known as address spoofing, aims to capitalize on traders’ carelessness and haste when making transactions. It involves tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.

    Related: ZKasino scam suspect arrested, $12.2M seized by Dutch authorities

    This is a developing story, and further information will be added as it becomes available.

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