Crypto Trader Loses $68 Million After Falling into Address Poisoning Scam | Trend

A cryptocurrency user lost $68 million in wrapped bitcoin (WBTC) after falling victim to an address poisoning attack. Cyvers Alerts, a “security company that provides real-time detection and prevention of cryptographic attacks,” confirmed the incident and shared it on X.

The person fell for a scam and lost $68 million. (Unsplash) {{^userSubscription}} {{/userSubscription}} {{^userSubscription}} {{/userSubscription}}

The wallet named “0x1E” fell for a scam called address poisoning. The perpetrator imitated the 0.05 ether (a form of cryptocurrency) transaction before receiving 1,155 WBTC from the victim. (Read also: How 5 Indian Americans Allegedly Laundered $30 Million in Cash-for-Bitcoin Scam in New York)

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Dealing with poisoning, as reported by Coin bank, is a sophisticated strategy that involves replicating the first and last six characters of an authentic wallet address. This clever ploy aims to trick the sender into overlooking the disparity between the intervening characters, leading to the transaction being sent to an incorrect wallet address. It is important to note that a wallet address can contain up to 42 characters.

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Before, cyber police has captured the mastermind of a cryptocurrency scam where he defrauded investors of ₹1.10 crore by promising high profits. The accused, named Santosh Thorat, filed an anticipatory bail application in the High Court seeking protection from arrest, but the request was denied, leading to his swift arrest by the police.

According to the cyber police, Thorat and his relatives offered investors a 20% annual return through the Sonitex cryptocurrency.

The accused had applied to the court for anticipatory bail, which was granted to him with the condition that he would deposit ₹43.96 lakh as first installment and the remaining ₹65.94 lakh thereafter. As the accused failed to make the required payments, he applied to the High Court for anticipatory bail, which was denied. He then changed his telephone number and residential address to avoid being arrested.

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The investigation conducted by the cyber police led to his arrest in Kharadi on April 23, after which he was produced before the district and sessions court.

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