Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
An unidentified trader lost $68 million in Wrapped Bitcoin (WBTC) during a single transaction due to an address-poisoning scam on May 3, as reported by the security firm Cyvers.
ALERT
Are we mistaken, or has someone truly lost $68M worth of $WBTC? Our system has detected another address falling victim to address poisoning, losing 1155 $WBTC.
Victim: https://t.co/5NKlOFnepJ
Address poisoner: https://t.co/R6fF0QipBH
Poison transaction:… pic.twitter.com/UpG34ZcZvY
—
Cyvers Alerts
(@CyversAlerts) May 3, 2024
Are we mistaken, or has someone truly lost $68M worth of $WBTC? Our system has detected another address falling victim to address poisoning, losing 1155 $WBTC. 
Cyvers Alerts The affected wallet was emptied of more than 97% of its total assets, and the remaining balance has since been withdrawn, leaving only $13.56 in ETH, according to CoinStats.
Address poisoning, also referred to as address spoofing, takes advantage of a trader’s urgency and carelessness during transactions. It involves deceiving victims into directing their digital assets to fraudulent addresses controlled by scammers.
This incident is part of a series of address-poisoning scams.
In October 2023, a hacker successfully stole $1.2 million in ARB tokens using this technique.
Address Poisoning Scams on the Decline
Related Posts
Scams continue to undermine public trust in the cryptocurrency sector. In April, investors lost at least $33 million in digital assets due to the fraudulent activities associated with the ZKasino gambling platform. Dutch law enforcement apprehended a suspect linked to the ZKasino scam on April 29.
Despite the ZKasino case, April recorded only $25.7 million in cryptocurrency losses due to scams and hacks. According to the on-chain intelligence firm CertiK, this represents the lowest monthly total since 2021.
Total losses from exploits and scams decreased by 141% compared to the previous month, primarily due to a reduction in private key compromises. There were 11 attacks on protocols via private key compromises in March, while April saw only three.
#CertiKStatsAlert
Combining all the incidents in April we’ve confirmed ~$25.7m lost to exploits, hacks and scams.
The lowest figure we’ve recorded, dating back to 2021.
A 141% decrease from March
Exit scams: ~$4.3m
Flash loans: ~$129k
Exploits: ~$21mMore details below pic.twitter.com/zfSh8mabzJ
— CertiK Alert (@CertiKAlert) April 30, 2024
Crypto is Becoming a Safer Space
The current trend clearly indicates advancements within the sector, not only in security measures but also in education. Individuals are increasingly aware of how to safeguard themselves against hacks and scams.
Despite the record-low figures for the month, crypto-related attacks remain a significant concern in the industry. According to CertiK, over $502 million in digital assets were stolen across 223 hacks and exploits during the first quarter of 2024.
The post Trader Loses $68M of Wrapped Bitcoin in Address Poisoning Scam appeared first on Cryptonews.
