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
CryptoQuant Advocates Holding Positions Amid Market Uncertainty

CryptoQuant's CEO Ju Kiyoung emphasizes the importance of holding positions in uncertain crypto markets, supported by the new Analyst Consensus Index.

Wave 4 Triangle Structure Observed in FET

Wave 4 Triangle Structure Observed in FET

FET Remains in Wave 4 Corrective Structure

FET continues to exhibit overlapping price action, indicating a consolidation phase rather than a bullish trend.

Experts Anticipate Major Changes in Ethereum's Financial Landscape

Experts predict significant shifts in Ethereum's usability due to recent advancements in Account Abstraction, potentially increasing DeFi adoption across financial sectors.

Huobi Growth Academy Highlights Account Abstraction's Role in Ethereum Upgrades

The Huobi Growth Academy has released a comprehensive report on Account Abstraction, emphasizing its crucial role in enhancing Ethereum's account model and user experience globally.

Ethereum's Account Abstraction Upgrade Aims to Simplify User Experience

Ethereum's generational upgrade, known as Account Abstraction, aims to simplify user interactions by providing gasless experiences and seamless cross-chain transactions.

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