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Crypto User Loses $50 Million in Address Poisoning Scam
Source: CryptoNewsNet Original Title: Crypto user loses $50 million in ‘address poisoning’ scam Original Link: https://cryptonews.net/news/security/32168746/ A crypto user lost $50 million in USDT after falling for an address poisoning scam in a massive onchain exploit.
The theft, spotted by Web3 security firm Web3 Antivirus, occurred after the user sent a $50 test transaction to confirm the destination address before transferring the rest of the funds.
Within minutes, a scammer created a wallet address that closely resembled the destination, matching the first and last characters, knowing most wallets abbreviate addresses and show only prefixes and suffixes.
This represents one of the largest on-chain scam losses observed recently, with the entire $50M in USDT transferred to the fraudulent address within less than one hour from when the initial test transaction was sent.