Trader loses $68M in address poisoning scam

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.

Also Read More: World News | Entertainment News | Celebrity News

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Uniswap reveals assets ahead of fee mechanism vote

The Uniswap Foundation has disclosed holding $41.41 million in fiat and stablecoins…

Chamber of Progress says Biden can ‘still win’ on crypto against Trump

US President Joe Biden, facing calls from some in the Democratic Party…

$1.7M of Bitcoin tied to QuadrigaCX reawakens after years of dormancy

Five wallets tied to the defunct Canadian cryptocurrency exchange QuadrigaCX, previously thought…

Soaring interest rates to cost UK mortgage holders £12bn in extra payments

Soaring interest rates will cost UK mortgage holders £12bn in extra payments,…