A person lost $71 million on Crypto scam, an unbelievable trick surprise the world

Crypto scam:

The cryptocurrency communities are really surprised by hearing about this type of tricks to make scam, also demanded the urgent need for increased awareness and education on the risks associated with digital asset transactions.

 

Crypto scams continue to evolve alongside the growing popularity of cryptocurrencies, attracting attention from both regulators and investors. With modern technology constantly advancing, scammers are finding new ways to deceive investors and regulators alike.

A recent incident posted on X where the victim has shared about his bad experience to lost $71 million to a scammer. Earlier today, a person made a new address and sent 0.05 Ethereum (ETH) to it. Unfortunately A scammer generated an address with the same starting and ending letters and transferred 0 $ETH to him, so the transfer appears in his transaction history. This trick works because many wallet apps only show the first and last parts of an address, hiding the middle part.

Later, when the person tried to send Wrapped Bitcoin (WBTC) to their new address, they accidentally copied the scammer's address (because the start and end of both addresses looked alike). As a result, they sent 1,155 WBTC, which is worth about $71 million, to the scammer.

This malicious tactic, known as an address poisoning attack, exploited the tendency of crypto users to quickly glance at the first and last four characters of an address when verifying transactions. The victim's failure to thoroughly verify the entire address led to the irreversible loss of their digital assets.

Crazy!

Someone lost 1,155 $WBTC($71M) due to a phishing attack.

How did it happen?👇

6 hours ago, this guy created a new address" 0xd9A1b0B1e1aE382DbDc898Ea68012FfcB2853a91" and transferred 0.05 $ETH to this new address.

A scammer generated an address with the same starting… pic.twitter.com/iiFloZBTga

— Lookonchain (@lookonchain) May 3, 2024

The cryptocurrency communities are really surprised by hearing about this type of tricks to make scam, also demanded the urgent need for increased awareness and education on the risks associated with digital asset transactions. It serves as a stark reminder of the importance of diligently verifying addresses before initiating any transfers, especially when dealing with significant sums of money.

Crypto scam is now become a very common incident on cryptocurrency world. As cryptocurrency becomes more popular, beside it scammers are using advance level of tricks to deceive people. So it's important for people to be more careful and always remain update to date about scamming tricks. At last we can say that by being cautious and checking things carefully, we can avoid scams and protect our money.