A victim initially involved in a $70 million ‘address poisoning’ scam is in the process of getting refunded. A significant portion of the funds (14,500 ETH) has already been sent back to the victim’s Ethereum address. Nearly a week after the original loss of 1155 WBTC, transactions ranging from 25 ETH to 50 ETH started to come in from multiple addresses where the stolen funds had been dispersed. Scammers use address poisoning to deceive crypto users into transferring funds to a similar-looking address. By creating thousands of addresses and sending small transactions from one that closely resembles the victim's address, they mess up the victim's transfer history before awaiting an error. Once the victim mistakenly sends money to a scammer, the attack succeeds. After falling for the trap, the victim messaged the scammer through Ethereum’s input data messaging system to possibly negotiate a return. So far, over half of the stolen funds have been successfully returned in more than 200 transactions upon the victim's confirmation of receiving the initial amount.
Refund of $70M 'address poisoning' scam ongoing with over 50% returned

by Giorgi Kostiuk
2 years ago

Other news
Goldman Sachs Invests Heavily in Solana Spot ETFs

Goldman Sachs has made substantial investments in Solana Spot ETFs, totaling approximately $108 million, indicating a growing interest in altcoins and a shift towards broader crypto adoption by traditional financial institutions.

Connecticut Man Accused of Defrauding Crypto Investors

Elmin Redzepagic, a 24-year-old from Connecticut, is accused of defrauding crypto investors out of nearly a million dollars, which he allegedly gambled online. He faces multiple charges including wire fraud and money laundering.

Hackers Exploit Workforce Monitoring Tool for Ransomware Attacks

Hackers exploit workforce monitoring tool Net Monitor for Employees Professional to deploy ransomware.

JPMorgan Sticks to $266,000 Bitcoin Target Despite Mining Challenges

JPMorgan maintains its long-term Bitcoin price target of $266,000 despite mining challenges.

CFTC Forms New Committee to Collaborate with Crypto Leaders

The CFTC has formed a 35-member Innovation Advisory Committee to engage with the cryptocurrency industry and provide insights for regulatory development.

Ethereum Faces Critical Price Levels Amid Market Volatility

Ethereum is struggling to maintain crucial price levels as it retests significant support areas, with analysts warning of potential further declines.

Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter