Sophisticated crypto address poisoning scams drain $1.2M in March

Pre-transaction verification solutions may stop a significant amount of phishing attacks, according to the CEO of Cyvers blockchain security firm.

Victims of address poisoning scams were tricked into willingly sending over $1.2 million worth of funds to scammers, showcasing the problematic rise of cryptocurrency phishing attacks.

Address poisoning, or wallet poisoning scams, involves tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.  

Pig butchering schemes on Ethereum have cost the crypto industry over $1.2 million worth of funds in the nearly three weeks since the beginning of the month, wrote onchain security firm Cyvers in a March 19 X post:

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