Victim Loses $1 Million Worth of ETH Due to This Silly Mistake

09/05/2024 15:46
Victim Loses $1 Million Worth of ETH Due to This Silly Mistake

A victim loses $1 million due to their contaminated transaction history

Victim Loses $1 Million Worth of ETH Due to This Silly Mistake

Cover image via www.freepik.com

According to data provided by Scam Sniffer, a victim recently parted ways with $1 million worth of crypto after copying a fraudulent address from a contaminated transfer history. 

The rule of thumb is to never use one's transfer history as a reference when making a crypto transfer. 

As reported by U.Today, a similar incident occurred in May. Back then, a trader lost a staggering $68 million worth of wrapped Bitcoin (wBTC) by copying and pasting the wrong address from their transaction history.   

These are some of the examples of address poisoning scams. This attack vector relies on user haste and inattentiveness. 

Fraudsters use a vanity address generator in order to create addresses that are very similar to those of their potential victims. After sending a transaction of negligible value to the victim's wallet, scammers hope that he or she will be negligible enough to inadvertently copy it one day.

Hence, users are always recommended to double-check their addresses. 

About the author

article image

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].

Related articles

Advertisement

TopCryptoNewsinYourMailbox

TopCryptoNewsinYourMailbox

Read more --->