{"id":90780,"date":"2024-05-04T00:37:39","date_gmt":"2024-05-04T04:37:39","guid":{"rendered":"https:\/\/ifintechworld.com\/?p=90780"},"modified":"2024-05-04T00:37:40","modified_gmt":"2024-05-04T04:37:40","slug":"trader-loses-68m-of-wrapped-bitcoin-in-address-poisoning-scam","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=90780","title":{"rendered":"Trader Loses $68M of Wrapped Bitcoin in Address Poisoning Scam"},"content":{"rendered":"
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An unknown trader lost $68 million worth of Wrapped Bitcoin (WBTC) in a single transaction in an address-poisoning scam on May 3, according to<\/span> security firm Cyvers.<\/span><\/p>\n

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\ud83d\udea8ALERT\ud83d\udea8Are we mistaken, or has someone truly lost $68M worth of $WBTC<\/a>? Our system has detected another address falling victim to address poisoning, losing 1155 $WBTC<\/a>. \ud83d\ude22<\/p>\n

Victim: https:\/\/t.co\/5NKlOFnepJ<\/p>\n

Address poisoner: https:\/\/t.co\/R6fF0QipBH<\/p>\n

Poison transaction:\u2026 pic.twitter.com\/UpG34ZcZvY<\/a><\/p>\n

\u2014 \ud83d\udea8 Cyvers Alerts \ud83d\udea8 (@CyversAlerts) May 3, 2024<\/a><\/p>\n<\/blockquote>\n

The victim\u2019s wallet was drained of over 97% of its total assets, and the rest of its contents have since been removed, leaving them with just $13.56 worth of ETH, according to <\/span>CoinStats<\/span>.<\/span><\/p>\n<\/p>\n

Address poisoning, also known as address spoofing, exploits a trader\u2019s haste and negligence during transactions. It involves tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.<\/span><\/p>\n

This is just one instance in a string of address-poisoning scams. <\/span><\/p>\n

In October 2023, a hacker made off with <\/span>$1.2 million worth of ARB tokens<\/span> using the method.<\/span><\/p>\n

Address Poisoning Scams on the Decline<\/b><\/h2>\n

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Scams continue plaguing mainstream trust in the crypto industry. In April, investors lost at least $33 million of digital assets in a\u00a0fraud case surrounding the ZKasino gambling platform. Dutch authorities arrested a suspect related to the ZKasino scam on April 29.<\/span><\/p>\n

Despite the ZKasino incident, April only saw $25.7 million worth of cryptocurrency lost to scams and hacks. According to on-chain intelligence firm CertiK, this marks the lowest monthly figure since 2021<\/span>.\u00a0<\/span><\/p>\n

Total losses from exploits and scams fell 141% from the previous month, mainly attributed to a lack of private key compromises. There were 11 attacks against protocols via private key compromises in March, whereas in April, there were only three.<\/span><\/p>\n

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#CertiKStatsAlert<\/a> \ud83d\udea8<\/p>\n

Combining all the incidents in April we\u2019ve confirmed ~$25.7m lost to exploits, hacks and scams. <\/p>\n

The lowest figure we\u2019ve recorded, dating back to 2021.<\/p>\n

A 141% decrease from March<\/p>\n

Exit scams: ~$4.3m
Flash loans: ~$129k
Exploits: ~$21m<\/p>\n

More details below pic.twitter.com\/zfSh8mabzJ<\/a><\/p>\n

\u2014 CertiK Alert (@CertiKAlert) April 30, 2024<\/a><\/p>\n<\/blockquote>\n

Crypto is Becoming a Safer Space<\/span><\/h2>\n

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The current trend clearly indicates progress within the space, not only in security developments but in education. People are more aware of <\/span>how to protect themselves from hacks and scams<\/span>.<\/span><\/p>\n

Despite the record-low month, <\/span>crypto attacks are still a serious industry issue<\/span>. According to CertiK, over $502 million worth of digital assets were stolen across 223 hacks and exploits during the first quarter of 2024.<\/span><\/p>\n<\/p><\/div>\n