Massive $70M Loss in Bitcoin (BTC) Crypto Scam: Unraveling the Latest Cryptocurrency Fraud

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A recent cyber attack on a cryptocurrency investor resulted in a substantial financial loss of $70 million in Wrapped Bitcoin (WBTC).
The incident unfolded over a span of six hours and had a profound impact on the crypto market.
Lookonchain, a blockchain analytics platform, first reported this event after detecting unusual activity linked to a newly created crypto address.

A cryptocurrency investor loses $70 million in WBTC due to a cyber attack, highlighting the need for heightened security measures in digital asset transactions.

How Was the Crypto Investor Scammed?

The affected investor had set up a new wallet address and transferred a small amount of Ethereum to it, a common practice among crypto owners to manage transaction fees in the decentralized finance sector. Unbeknownst to them, a scammer had replicated a similar-looking address, capturing only the first and last few characters, making it appear legitimate. This deceptive similarity led the investor to mistakenly send approximately $71 million worth of WBTC to the fraudster’s address.

What Techniques Did the Scammer Use?

The scammer employed a strategy known as an address attack, where they create a wallet address that closely mimics the i... Read the full article for FREE at COINOTAG!