"Hackers Earn $1.2M in Criminal Scheme Targeting Mail Services"
Since early March 2025, cryptocurrency users have unwittingly transferred over $1.2 million to fraudsters due to address poisoning scams, according to Cyvers analysts. This method, a sophisticated deception technique, involves attackers creating addresses resembling legitimate ones and sending small amounts of cryptocurrency to the victims' wallets. These seemingly insignificant transactions appear in the users' transaction history, increasing the likelihood of mistakenly copying and pasting the fraudulent address during future transactions.
According to Cointelegraph, the CEO of Cyvers, Deddy Lavid, explained that such incidents have been on the rise, due in part to the growing proficiency of cybercriminals and the lack of pre-transaction security measures on many wallets and platforms. Unlike traditional fraud detection methods, these systems frequently lack real-time transaction screening, leaving the door open for suspicious addresses to go undetected before funds are sent.
A notable instance occurred in late February, when a user lost over $760,000 in a single transaction due to address poisoning. In response to this growing threat, Binance introduced a mechanism to combat such scams in May 2024. The system's algorithm detects and flags fake addresses by identifying suspicious transfer activities such as near-zero value transactions or those involving low-value tokens.
Users can take several precautions to avoid becoming victims of address poisoning. First, they should always double-check the entire address before sending any cryptocurrency. It is essential to pay attention to every character, as even a single difference can indicate fraud. Second, users should avoid copying addresses from their transaction history, as it may have been altered by a dust transaction or address poisoning. Third, it is recommended to use a new address for each transaction, as this helps maintain privacy and reduces the risk of poisoning attacks. Fourth, users should be cautious of addresses saved in their wallet that may have been manipulated by attackers to appear legitimate. Lastly, educating oneself about cryptocurrency addresses, including their construction and the importance of checksums and case sensitivity in validating addresses, is vital in preventing address poisoning attacks.
By following these measures, users can significantly reduce the risk of falling victim to address poisoning in cryptocurrency transactions.
In the evolving landscape of technology and cybersecurity, the expanding proficiency of cybercriminals and the insufficient security measures on many cryptocurrency wallets and platforms have contributed to a surge in address poisoning incidents, as reported by Cointelegraph. To mitigate this threat, users are advised to scrutinize cryptocurrency addresses meticulously, double-checking every character, avoiding pasting addresses from their transaction history, using new addresses for each transaction, being vigilant about manipulated addresses in their wallet, and educating themselves about cryptocurrency addresses to prevent becoming victims of address poisoning.
