Victims of address poisoning scams were tricked into willingly sending over $1.2 million worth of funds to scammers, showcasing the problematic rise of cryptocurrency phishing attacks.
Address poisoning, or wallet poisoning scams, involves tricking victims into sending their digital assets to fraudulent addresses belonging to scammers.
Pig butchering schemes on Ethereum have cost the crypto industry over $1.2 million worth of funds in the nearly three weeks since the beginning of the month, wrote onchain security firm Cyvers in a March 19 X post:
“Attackers send small transactions to victims, mimicking their frequently used wallet addresses. When users copy-paste an address from their transaction history, they might accidentally send funds to the scammer instead.”
Source: Cyvers Alerts
Address poisoning scams have been growing, since the beginning of the year, costing the industry over $1.8 million in February, according to Deddy