- A crypto wallet has reportedly lost $69.3 million in Wrapped Bitcoin (WBTC) due to an address-poisoning attack.
- The scammer tricked the victim into sending funds to a wrong address by mimicking a small Ethereum (ETH) transfer.
- The stolen WBTC was swapped for 23,000 ETH and transferred out, according to blockchain security firm Peckshield.
An address-poisoning attack has led to a crypto wallet losing $69.3 million in Wrapped Bitcoin (WBTC). The scammer tricked the victim by mimicking a small Ethereum (ETH) transfer, leading to the massive loss.
Details of the Address-Poisoning Attack
An address-poisoning attack involves a scammer sending a tiny amount of crypto to a wallet via an address designed to look similar to the wallet’s. This tactic is aimed at tricking wallet holders into mistakenly copying the scammer’s address from their transaction history, resulting in funds being sent to the wrong wallet. In this case, blockchain security firm CertiK notes that the scammer mimicked a transfer of 0.05 Ethereum (ETH), which tricked the victim into sending 1,155 WBTC worth $69.3 million to the wrong address.
WBTC and ETH Market Performance
WBTC is an ERC-20 token pegged to the price of BTC, allowing traders to speculate on Bitcoin while staying within the Ethereum ecosystem. The 16th-ranked crypto asset by market cap is trading at $62,953 at the time of writing and is up nearly 7% in the past 24 hours. Ethereum, on the other hand, is trading at $3,116 at the time of writing. The second-ranked crypto asset by market cap is up more than 4% in the past 24 hours.
Scammer’s Actions Post-Attack
Following the attack, the blockchain security firm Peckshield notes that the scammer swapped out the stolen WBTC for 23,000 ETH and then transferred them out. This highlights the need for crypto wallet holders to be vigilant and ensure the accuracy of the addresses they are transacting with.
Conclusion
This incident underscores the importance of security in the crypto space. Wallet holders must be aware of the various types of scams and employ best practices to protect their assets. As the crypto market continues to grow, so does the sophistication of scams, making vigilance and education key to safe crypto transactions.
