Address-Poisoning Attacks.
Xplorisk has saved and protected client funds in the tens of millions of $USD from Crypto Address-Poisoning Attacks in the past year.
Don't fall prey to such attacks, as seen here: Exploiter Steals $68M Worth of Crypto Through Address Poisoning.
Fraudsters use Address-Poisoning tactics to steal cryptocurrency by creating a fake wallet address that resembles the victim's address.
They send a small amount of cryptocurrency to the victim's wallet address to poison their transaction history.
Addresses in crypto wallets can be up to 42 alphanumeric characters, making them difficult to remember. As a result, many users fall into the shortcut of checking the first and last characters only.
Using the “human behavior” above, the victim may then copy and paste the scam address from the transaction history and send funds to the scam address instead of the legitimate one, resulting in the loss of their cryptocurrencies.
Poisoning attacks are particularly harmful as they aim at private users, who might lose all their funds if they fall victim.
Xplorisk maps such attacks, ongoing, in real-time, across 60-plus blockchains.
As an example, our platform has detected anomalies in the behavior of TL8A2KxwQPgEoMaLRRNRQNo18fREm3F9kQ, as can be seen in the following network graph.
*This attacker has been trying to mimic the wallet address of the target's largest receiver - TL8A4tWJQUFC78opW1kgx6S8RBGFm3F9kQ. The first and the last characters of the attacker's address are quite similar to the target's address. Unfortunately, the victim lost around $18K.
Key mitigation action: It is crucial to verify ALL characters when copying an address from any block explorer to avoid such incidents. 🛑
Contact us to learn more about our real-time 24-7 threat intelligence and mitigation capabilities, so you can prevent and block such attacks in your Web3/crypto environment - retail and institutional operations. 🛡️🌐 More information on LinkedIn: https://www.linkedin.com/feed/update/urn:li:activity:7154881905711099904/
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