Crypto Scammers Steal Over $1.6 Million in a Week: Address Poisoning Takes Center Stage

In just one week, cryptocurrency users lost more than $1.6 million to a sophisticated tactic known as “address poisoning” — exceeding the total losses recorded in the entire month of March. One of the largest incidents occurred on Friday, when a victim lost 140 ETH (approximately $636,500) after accidentally sending crypto to a fake address that appeared in their transaction history following an attack. “It was only a matter of time before the trap worked,” said ScamSniffer, the fraud prevention platform that uncovered the scam. Other cases quickly followed:

🔹 On Sunday, one victim lost $880,000 in crypto

🔹 Another lost $80,000

🔹 A further victim lost $62,000

How Address Poisoning Works Scammers send small amounts from wallets whose addresses closely resemble legitimate ones. These fake addresses then appear in the victim’s transaction history. If the user copies and pastes the address without verifying it, their funds go straight to the attacker. According to Web3 Antivirus, this is a “transaction history poisoning” method, where attackers manipulate wallet records to make the wrong address seem trustworthy.

Phishing Signatures – Another Trap Beyond address poisoning, ScamSniffer also recorded over $600,000 in losses this week due to malicious transaction signatures. Victims unknowingly approved commands like “approve,” “increase allowance,” or “permit,” granting scammers access to their tokens. For example, on Tuesday, one victim lost BLOCK and DOLO tokens worth $165,000 after signing such a transaction.

How to Protect Yourself Experts advise:

🔹 Use an address book or whitelist of verified addresses

🔹 Always check the entire address, not just the first and last characters

🔹 Avoid copying addresses directly from your transaction history

#Cryptoscam , #blockchain , #CryptoSecurity , #PhishingAlert , #CryptoFraud

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