Address poisoning is now a concern for Bitcoin ($BTC) as well, according to a report from BlockSec, a firm that audits smart contracts. In a latest attempt, an attacker used a phishing address to impersonate a legitimate one. The scams was to send a small amount of
with the intention of making the owner copy the wrong address from the history. However, this has been discovered by BlockSec before any loss.
Address poisoning is on BTC now. The following is one concrete case. The phishing address (address 1) is disguising address 2 to send a small amount of BTC to address 3. Since addresses 2 and 3 have historic transactions, the attacker hopes to trick the owner into copying the… pic.twitter.com/aOirgaCykw
— BlockSec (@BlockSecTeam) September 24, 2024
Unsuccessful Hack Highlights New Threat in Cryptocurrency
Although the hack has not been successful, it draws attention to a new problem in cryptocurrency. This kind of trick has been observed in other applications before. For instance, report from Cyvers Alerts, on 30th August, revealed that someone on Binance Smart Chain (BNB) was scammed for $100,000 within a single day. Hackers changed the addresses so that users transferred the funds to the wrong location. They used the stolen BUSD to swap it and distribute the funds across various accounts.
First Bitcoin Address Poisoning Case Raises Security Concerns
This is the first time address poisoning has been reported specifically with Bitcoin. These types of scams tend to rise when there are more transactions in cryptocurrencies. Thieves exploit people’s reliance on such addresses, and therefore, everybody should verify the input before sending any amount of money.
Keeping this case in view, highlighted by BlockSec, it is necessary to utilize the services that help to check the validity of addresses. As much as Bitcoin is relatively safe, such occurrences are a clear indication that the users should be vigilant. One must always verify the address to prevent falling prey to scams, especially as the crypto market keeps on growing.
