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
Culper Research Warns of Potential Death Spiral for Ethereum

Culper Research warns that Ethereum may be entering a potential death spiral due to economic pressures and competition.

Trump's New Cyber Strategy Highlights Cryptocurrency and Blockchain

Trump's new Cyber Strategy emphasizes the protection of cryptocurrency and blockchain, aiming to enhance security and disrupt criminal activities associated with them.

Ethereum Price Weakens Amid Token Economics Backlash

Ethereum's price has slipped below the key psychological level of 2,000, now trading slightly above 1,900. This decline is attributed to rising negative sentiment regarding its token economics, particularly following the Fusaka upgrade.

Joseph Delong Launches Colossus: A New Stablecoin Credit Card Network

Joseph Delong is building a stablecoin credit card network called Colossus, aiming to replace traditional banking systems.

Colossus Secures $500,000 in Pre-Seed Funding

Colossus has raised $500,000 in pre-seed funding, valuing the startup at $10 million.

Bitcoin's Complex Relationship with Stagflation

XWIN Research Japan analyzes Bitcoin's performance during stagflation, highlighting its complex relationship with economic conditions and potential as a high-risk asset amid financial instability.

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