Crypto wallets lost $69.3 million worth of wrapped Bitcoin (WBTC) due to an apparent address poisoning attack, according to blockchain security firm CertiK.
Ledger, a digital asset wallet provider, explains that address poisoning typically involves fraudsters sending small amounts of cryptocurrency to a wallet through an address that looks like the wallet.
This ruse is designed to trick wallet owners into accidentally copying the scammer's address from their transaction history and transferring funds to that wallet on their behalf.
In this example, CertiK Note The scammer mimicked a 0.05 Ethereum (ETH) transfer and tricked victims into sending 1,155 WBTC, worth $69.3 million, to the wrong address.
WBTC is an ERC-20 token pegged to the price of BTC, allowing traders to speculate on Bitcoin while remaining within the Ethereum ecosystem. The crypto asset, which ranks 16th in terms of market capitalization, is trading at $62,953 at the time of writing, up nearly 7% in the past 24 hours.
Blockchain security company Pecshield Note The scammer allegedly exchanged the stolen WBTC for 23,000 ETH and transferred the money.
At the time of writing, Ethereum is trading at $3,116. The second-largest cryptocurrency by market capitalization has risen more than 4% in the past 24 hours.
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