Crypto Trader Loses $2.5M in USDT to Address Poisoning Scam — Twice in One Day
The post Crypto Trader Loses $2.5M in USDT to Address Poisoning Scam — Twice in One Day appeared on BitcoinEthereumNews.com. Crime A crypto trader has suffered a staggering loss of over $2.5 million in Tether (USDT) after falling victim to the same scam twice in a matter of hours, according to blockchain security firm Scam Sniffer. The incident occurred on May 26, with the first costly mistake involving the accidental transfer of $843,000 USDT. The trader had copied what they believed was a familiar wallet address from their transaction history—unaware it had been manipulated by scammers. Just hours later, the same mistake was repeated, this time costing the trader an additional $1.7 million. How the Address Poisoning Scam Works The attack method used in this case is known as address poisoning, or history poisoning. Scammers send small transactions from wallet addresses that closely mimic legitimate ones the victim has interacted with. These fake transfers then appear in the user’s wallet history, giving the impression they are from trusted addresses. When users later copy an address from their transaction history to send a new payment, they can easily mistake the scammer’s address for a legitimate one — leading to massive, irreversible losses. This incident underscores the dangers of relying on wallet history for transactions and highlights the importance of manually verifying wallet addresses, even when dealing with familiar recipients. Author Kosta Gushterov Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related stories Next article Source: https://coindoo.com/crypto-trader-loses-2-5m-in-usdt-to-address-poisoning-scam-twice-in-one-day/
The post Crypto Trader Loses $2.5M in USDT to Address Poisoning Scam — Twice in One Day appeared on BitcoinEthereumNews.com.
Crime A crypto trader has suffered a staggering loss of over $2.5 million in Tether (USDT) after falling victim to the same scam twice in a matter of hours, according to blockchain security firm Scam Sniffer. The incident occurred on May 26, with the first costly mistake involving the accidental transfer of $843,000 USDT. The trader had copied what they believed was a familiar wallet address from their transaction history—unaware it had been manipulated by scammers. Just hours later, the same mistake was repeated, this time costing the trader an additional $1.7 million. How the Address Poisoning Scam Works The attack method used in this case is known as address poisoning, or history poisoning. Scammers send small transactions from wallet addresses that closely mimic legitimate ones the victim has interacted with. These fake transfers then appear in the user’s wallet history, giving the impression they are from trusted addresses. When users later copy an address from their transaction history to send a new payment, they can easily mistake the scammer’s address for a legitimate one — leading to massive, irreversible losses. This incident underscores the dangers of relying on wallet history for transactions and highlights the importance of manually verifying wallet addresses, even when dealing with familiar recipients. Author Kosta Gushterov Reporter at Coindoo Kosta has been a part of the team since 2021 and has solidified his position with a thirst for knowledge, incredible dedication to his work and a “detective-like” mindset. He not only covers a wide range of trending topics, he also creates reviews, PR articles and educational content. His work has also been referenced by other news outlets. Related stories Next article Source: https://coindoo.com/crypto-trader-loses-2-5m-in-usdt-to-address-poisoning-scam-twice-in-one-day/
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