Wrapped Bitcoin (WBTC) Wallet Suffers $69.3 Million Cryptocurrency Loss in Alleged Address Poisoning Scam
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Wrapped Bitcoin (WBTC) Wallet Suffers $69.3 Million Cryptocurrency Loss in Alleged Address Poisoning Scam

A staggering $69.3 million worth of Wrapped Bitcoin (WBTC) was lost in a clever attack that involved address-poisoning, as confirmed by blockchain security firm CertiK. Address poisoning is a tactic employed by scammers who send a small amount of cryptocurrency to a wallet using an address that closely resembles the recipient’s. Ledger, a digital asset wallet provider, explains that this scheme aims to deceive wallet holders into mistakenly copying the scammer’s address from their transaction history, resulting in the funds being sent to the wrong address.

In this particular case, CertiK reveals that the scammer imitated a transfer of 0.05 Ethereum (ETH), which caused the victim to unknowingly send 1,155 WBTC worth $69.3 million to the incorrect address. WBTC is an ERC-20 token that mirrors the price of BTC, enabling traders to speculate on Bitcoin while remaining within the Ethereum ecosystem. Currently ranked 16th by market capitalization, WBTC is trading at $62,953, experiencing a nearly 7% increase in the past 24 hours.

According to blockchain security firm Peckshield, the scammer exchanged the stolen WBTC for 23,000 ETH and subsequently transferred them out. At the time of writing, Ethereum is trading at $3,116, with the second-highest market capitalization among cryptocurrencies and a more than 4% increase in the past 24 hours.

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