Massive Bitcoin Scam Unveiled: Victim Transfers $71 Million BTC to Fraudster’s Wallet!

• A recent sophisticated phishing attack, known as ‘address poisoning’, has resulted in a loss of over $71 million in Wrapped Bitcoin (WBTC).
• The victim unknowingly transferred 1,155 WBTC to a fraudulent address that had the same starting and ending characters as their own.
• Former Binance CEO, Changpeng Zhao, has previously warned about the deceptive effectiveness of such attacks.

A recent ‘address poisoning’ attack has led to a loss of over $71 million in Wrapped Bitcoin (WBTC), highlighting the deceptive effectiveness of such phishing techniques in the crypto world.

Details of the Phishing Attack

The incident occurred when the victim created a new address and transferred 0.05 Ether (ETH) to it. The fraudster cleverly created an address with the same starting and ending characters and made a 0 ETH transfer to the victim, causing the transaction to appear in the transaction history. Many wallets hide the middle part of the address with “…” for a cleaner user interface. When the victim wanted to transfer their WBTC to the new address, they accidentally copied the fraudster’s address with the same starting and ending characters. As a result, they transferred 1,155 WBTC, worth $71 million, directly to the fraudster.

Address Poisoning: A Deceptive Phishing Technique

Address poisoning is a type of attack where the hacker creates a wallet addre... Read the full article for FREE at COINOTAG!