Crypto Trader Duped: $68M in Wrapped Bitcoin (WBTC) Lost to Address Poisoning Scam
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- An unidentified trader has reportedly lost $68 million in Wrapped Bitcoin (WBTC) due to an address-poisoning scam, as per cybersecurity firm Cyvers.
- The victim’s wallet was drained of over 97% of its total assets, leaving them with a mere $13.56 worth of ETH.
- This incident is part of a series of address-poisoning scams, which exploit traders’ haste and negligence during transactions.
A trader has fallen victim to an address-poisoning scam, losing $68 million in Wrapped Bitcoin. This incident highlights the ongoing risks in the crypto space, despite declining scam rates.
Address Poisoning Scams: A Persistent Threat
Address poisoning, also known as address spoofing, is a scamming technique that tricks victims into sending their digital assets to fraudulent addresses. This method has been used in several scams, including an instance in October 2023 where a hacker stole $1.2 million worth of ARB tokens.
Scams in the Crypto Industry
Scams continue to undermine trust in the crypto industry. In April alone, investors lost at least $33 million in digital assets due to the fraud case surrounding the ZKasino gambling platform. However, according to on-chain intelligence firm CertiK, April saw the lowest monthly figures for crypto losses to scams and hacks since 2021, with a total of $25.7 million.