July 19, 2024

Taylor Daily Press

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Man Loses  Million Worth of Bitcoin Due to ‘Address Poisoning’

Man Loses $68 Million Worth of Bitcoin Due to ‘Address Poisoning’

Cryptocurrency hackers have struck again, with one victim inadvertently transferring $68 million to the wrong cryptocurrency wallet.

The man thought the crypto address belonged to someone else due to a deceptive act by the scammers.

Analysis shows that the formerly wealthy cryptocurrency investor has lost all of his bitcoins. This came after cybercriminals compromised the recipient’s transaction history.

As a result, the user lost 97% of the cryptocurrencies in his wallet.

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A cryptocurrency trader holds only 3% of his cryptocurrencies

according to Athirscan The affected user’s wallet now contains just 0.89 Ethereum (ETH), along with approximately $1.6 million USD. stablecoins.

The virtual currency theft included more than 1,155 wrapped bitcoins (WBTC).

Wrapped Bitcoin is a cryptocurrency that exists on the Ethereum blockchain that represents Bitcoin (BTC) on that network. This means that Bitcoin can also be used within applications on Ethereum.

Crypto wallets and “address poisoning”

Scammers used so-called “address poisoning” or “wallet pollution,” where attackers intentionally send a low-value transaction to the victim’s wallet.

They do this to make their private address visible in the victim’s transaction history. By changing the first and last letter of their address to match the victim’s address, they create confusion.

Commonly used wallet software often displays only the beginning and ending characters of the address, making it difficult for the user to detect small differences hidden in the middle of the address.

The attacker hopes that the next time the victim needs to receive a transaction, he will accidentally copy the spoofed address from his transaction history.

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Different hacking methods and protection of digital assets

the pirate Crypto wallets It is a common problem in the crypto world.

Hackers use different techniques to access these wallets. Phishing attacks, malware, and exploiting software vulnerabilities are common examples.

Given the growing popularity of cryptocurrencies and the high value that some of these digital currencies can bring, wallet hacking remains lucrative for criminals. Therefore, taking security measures is crucial to protect yourself. It is always important to confirm the address you want to send cryptocurrencies to.

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