A crypto investor lost 20,000 worth of BSC-USD in an address posing scam, according to blockchain security firm Cyvers Alerts.
The scam involved a lookalike wallet address placed in the victim’s transaction history, tricking them into sending funds to the wrong destination.
Known as address poisoning, this tactic exploits user inattention during transfers and is increasingly targeting users across Ethereum and Binance Smart Chain networks.
Investor Loses 20K BSC Back-to-Back in Address Posing Scam
The crypto investor suffered two back-to-back losses in a clever address posing scam on the Binance Smart Chain.
According to Cyvers Alerts, the victim was tricked into sending 10,000 BSC-USD to a scam address. Just one hour later, the same individual sent another 10,000 BSC-USD—this time to a second scammer.
Both attackers used a technique called address poisoning, where they sent zero-value transactions from addresses crafted to closely resemble legitimate ones.
The fake addresses appeared in the victim’s transaction history, misleading them into thinking they were trusted contacts. The incident highlights the growing sophistication of crypto scams and the importance of manually verifying wallet addresses before making any digital asset transfer, regardless of past transaction history.
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Rise in Address Poisoning Scams Driven by Low Cost and User Inattention
Address poisoning scams are on the rise due to a combination of low-cost execution, increasing crypto adoption, and user inattention. These scams exploit a simple but effective tactic: attackers send zero-value transactions from wallet addresses that closely mimic legitimate ones.
These fake addresses appear in the victim’s transaction history, tricking users into selecting them when sending funds.
As more users engage with cryptocurrencies on platforms like Ethereum and Binance Smart Chain, attackers are finding a wider pool of inexperienced or careless users to target.
The rise of mobile wallets and fast-paced trading also contributes, as users may not take the time to verify full wallet addresses. Unlike complex hacks, address poisoning requires no breach—just human error.
It’s a social engineering scam disguised as normal blockchain activity, making it harder to detect.
Until wallets implement better address verification tools, this low-effort, high-reward scheme will likely continue to grow across blockchain networks.
Also Read: Crypto Contaminated Transfer Scam Claims Second $1.7M Loss From Same Victim
Users Urged to Verify Addresses Carefully to Avoid Crypto Poisoning Scams
Users must exercise caution and extensive verification to protect themselves against address poisoning frauds in the cryptocurrency industry.
Before transferring money, always verify the entire wallet address; don’t rely simply on the first or final few characters. Steer clear of copying addresses from your transaction history since hackers inject bogus lookalike addresses using zero-value transfers.
Send money only to addresses you have personally saved and confirmed. Errors can be decreased by using tools like Ethereum Name Service (ENS) or other crypto domain services.
Turn on wallet alerts for questionable activity, and examine incoming transactions frequently to identify odd trends. Most importantly, use reliable crypto security sites to keep up with changing fraud strategies.
Users can defend against these increasingly prevalent social engineering frauds by paying close attention and using the appropriate tools.
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