Address Poisoning, the new scam that drains your cryptocurrencies

The MetaMask team claims that a new cryptocurrency scam is about to wreak havoc on the community. This would be a terrifying new technique that could quickly proliferate throughout the cryptosphere.

Called “address poisoning” or “Address Poisoning”, this new scam is very easy to set up. The offender simply has to make a transaction on the victim’s crypto wallet and the rest will be handled by the latter.

According to Metamask, the scam works especially if you regularly send a transaction to a loved one. The scammer detects this, as its monitoring software tracks specific token transfers. It generates an address that looks a lot like your loved one’s using a generator.

Then the offender transfers a small amount of money to this fictitious account, leaving a trail in your transaction history. He hopes that the next time you need the usual address, you’ll accidentally copy his fake address into your transaction history. Therefore, you will send him money by accidentally pasting his address.

What solution to protect against Address Poisoning?

With their new tactics, cybercriminals are banking on the laxity of their victims. Indeed, thieves discovered that due to the length of crypto addresses, many users simply verify them by reading the first and last 5 characters before making a transaction. Many cryptographic systems or applications contribute to this phenomenon by masking intermediate signals and shortening addresses.

Therefore, it is not easy to count on the help of the platforms to defend against this cryptocurrency scam.

The only solution is to use a password organizer and save all the addresses of cryptocurrencies that you use regularly. Then you can safely copy them. However, the most skeptical can always make a handwritten copy.

Ultimately, this story serves as a reminder to the crypto community to always double-check your crypto addresses before sending money. Otherwise, the amateur scammers in the industry will only get fatter.

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Eddy Senga avatar
Eddy Senga

The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.

We would like to say thanks to the author of this post for this outstanding web content

Address Poisoning, the new scam that drains your cryptocurrencies

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