According to reports, a crypto whale fell victim to an address poisoning scam, leading to a loss of $68 million in Wrapped Bitcoin. This incident underscores vulnerabilities in digital wallet security.
Loss of $68 Million Due to Scam
The crypto whale lost $68 million due to an **address poisoning** scam. The scam involved creating addresses with similar beginnings and ends to the victim’s original address.
> The attacker tricked the victim by sending a test transaction, followed by a larger transfer to the **lookalike address**. No institutional involvement in the scam is detected, focusing primarily on individual *losses*.
Ongoing Threat of Scams
Jameson Lopp, Chief Security Officer at Casa, emphasized the necessity for thorough address checks. The FBI warns of similar scams, urging users to double-check transaction details. As Lopp mentions, "The threat actors create addresses that match the first and last digits of addresses from the victim's transaction history... It's crucial to thoroughly check addresses before sending funds and for wallets to fully display addresses to mitigate these risks."
Need for Enhanced Security Measures
Address poisoning losses reached over **$1.8 million in February 2025** alone. Experts emphasize the importance of wallet UI improvements to **mitigate risks** from similar scams in the future.
Since 2023, nearly **48,000 incidents** of address poisoning scams have been recorded. Similar methods have been used to exploit major cryptocurrencies like Bitcoin and Ethereum.
Experts from **Kanalcoin** suggest that rising incidents highlight the need for enhanced security protocols and **comprehensive awareness** among users to recognize and report potential threats.
The incident of losing $68 million again draws attention to vulnerabilities in the crypto industry, emphasizing the need for strengthened security measures to protect users' crypto assets.
