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Trader Falls Victim to Address Poisoning, Loses $68 Million WBTC

Key Takeaways

  • A trader lost $68 million in WBTC due to an address poisoning scam, where they sent funds to a fraudulent address;
  • The massive loss, disclosed by Cyvers, accounted for over 97% of the trader's holdings, totaling around $67.8 million;
  • In the scam, a small transaction from a similar-looking address tricked the trader into using it for a large transfer.
Trader Falls Victim to Address Poisoning, Loses $68 Million WBTC

An unidentified trader was deceived in an address poisoning attack.

The attack resulted in the victim losing 1,155 Wrapped Bitcoin (WBTC), worth around $68 million.

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This incident was disclosed by the Web3 security firm Cyvers in a recent social media post.

In this scam, known as address poisoning, the trader—identified only by the wallet ID "0x1E"—was tricked into sending a massive amount of WBTC to a fraudulent address.

This error led to the loss of over 97% of their total holdings, amounting to approximately $67.8 million.

In an address poisoning scam, a cybercriminal makes a crypto address similar to the victim's, often matching the initial and final characters.

The scammer then sends a small transaction to the victim's wallet. The goal is for the victim, not paying close attention, to mistakenly copy this fraudulent address from their transaction history and use it in their next transactions.

The theft highlights a need for heightened security measures and carefulness when making digital transactions, emphasizing how advanced and deceptive fraud schemes have become in targeting digital assets.

For example, the North Korean hacker group Lazarus has started stealing crypto by posing as job-seeking blockchain developers on LinkedIn and launching malware attacks.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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