tl;dr
A cryptocurrency user lost $68 million worth of wrapped bitcoin (WBTC) due to an address poisoning exploit. The victim mistakenly sent 1,155 WBTC to an exploiter's wallet, mimicking a legitimate transaction. Various blockchain security firms confirmed the scam, highlighting the ongoing challenges of...
1,155 wrapped bitcoin sent to exploiter's wallet via address poisoning
Various blockchain security firms confirm $68M crypto loss to hacking and exploits in February
Hacks involving North Korea pose significant legal and security challenges
Crypto hack volumes fell by over 50% in 2023, per TRM Labs
$68 million worth of wrapped bitcoin lost to address poisoning exploit, confirmed by CertiK
A cryptocurrency user lost $68 million worth of wrapped bitcoin (WBTC) due to an address poisoning exploit. The victim mistakenly sent 1,155 WBTC to an exploiter's wallet, mimicking a legitimate transaction. Various blockchain security firms confirmed the scam, highlighting the ongoing challenges of hacks and exploits in the cryptocurrency space. Additionally, it was reported that crypto investors lost $2 billion to hacks, scams, and exploits in decentralized finance (DeFi) in 2023, with an additional $333 million stolen in the first quarter.
* A user unintentionally sent 1,155 wrapped bitcoin to an exploiter's wallet after being targeted by address poisoning.
* The scam has been confirmed by various blockchain security firms.
OVER $67M IN CRYPTO LOST TO HACKS AND EXPLOITS IN FEBRUARY: IMMUNEFI REPORT
Running With Crypto: 5 Questions With TRM Labs' Ari Redbord 00:59
Hacks Involving North Korea Are 'Even Greater Problem': Legal Experts 09:43
Breaking Down the State of Hacking in 2024 02:01
Crypto Hack Volumes Fell by More Than 50% in 2023: TRM Labs 00:59
A cryptocurrency user has lost $68 million worth of wrapped bitcoin (WBTC) after falling victim to an address poisoning exploit, according to blockchain security firm CertiK. Address poisoning is a technique that involves tricking the victim into sending a legitimate transaction to the wrong wallet address by mimicking the first and last six characters of the true wallet address and depending on the sender to miss the discrepancy in the intervening characters. Wallet addresses can be as long as 42 characters. In this case, the exploiter mimicked a 0.05 ether (ETH) transaction before receiving 1,155 WBTC from the victim. Security platform Cyvers and blockchain sleuth ZachXBT confirmed that $68 million had been lost to an address poisoning scam. Crypto investors lost $2 billion to hacks, scams and exploits across decentralized finance (DeFi) in 2023 and an additional $333 million was stolen in the first quarter.
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