Wrapped Bitcoin (WBTC) Wallet Loses $69,300,000 Worth of Crypto in Apparent Address Poisoning Scam

A crypto pockets misplaced $69.3 million price of Wrapped Bitcoin (WBTC) in an obvious address-poisoning assault, in line with the blockchain safety agency CertiK.

Address poisoning often entails a scammer sending a pockets a tiny quantity of crypto through an deal with that’s designed to look much like the pockets’s, in line with an explanation supplied by Ledger, a digital asset pockets supplier.

The ploy is designed to trick pockets holders into mistakenly copying the scammer’s deal with from their transaction historical past and having funds despatched to that pockets as a substitute.

On this occasion, CertiK notes {that a} scammer mimicked a switch of 0.05 Ethereum (ETH), which tricked the sufferer into sending 1,155 WBTC price $69.3 million to the improper deal with.

WBTC is an ERC-20 token pegged to the worth of BTC, permitting merchants to take a position on Bitcoin whereas staying throughout the Ethereum ecosystem. The Sixteenth-ranked crypto asset by market cap is buying and selling at $62,953 at time of writing and is up almost 7% in the previous 24 hours.

The blockchain safety agency Peckshield notes that the scammer swapped out the stolen WBTC for 23,000 ETH after which transferred them out.

Ethereum is buying and selling at $3,116 at time of writing. The second-ranked crypto asset by market cap is up greater than 4% in the previous 24 hours.

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