Safe Wallet Users Lose Millions in Address Poisoning Attacks
Recently, there has been a surge in address poisoning attacks, leading to the loss of millions of dollars worth of cryptocurrency for dozens of Safe Wallet users. Scam Sniffer analysts reported that an unknown scammer managed to steal over $2 million from 10 Safe Wallet-based entities in just one week using this deceptive tactic.
The Address Poisoning Scam
In an address poisoning attack, scammers flood the transaction history page with similar operations to trick victims into sending funds to the scammer’s address. The same attacker has successfully stolen a total of $5 million from 21 victims in the past four months.
MetaMask’s Warning
Address poisoning became popular in early 2023 when MetaMask warned users about this new scam method. Scammers use on-chain tracers to detect wealthy investors and then generate a “vanity” address that closely resembles the victim’s address.
Previous Incidents
In late November 2023, Florence Finance fell victim to an address poisoning scam, resulting in a loss of $1.45 million in USDC. It is uncertain if this incident is connected to the recent attacks targeting Safe Wallet users.
Hot Take: Protect Your Crypto Assets
Address poisoning attacks are a serious threat to the security of your crypto assets. To protect yourself, it is crucial to remain vigilant and follow best practices for securely managing your wallets and transactions. Always double-check addresses before making any transfers and be cautious of suspicious activity or unexpected requests for funds. Stay informed about the latest scams and security measures to keep your cryptocurrency safe.
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