Cryptocurrency wallets lost $69.3 million worth of Wrapped Bitcoin (WBTC) due to an address poisoning attack, according to blockchain security company CertiK.
Address poisoning typically involves fraudsters sending small amounts of cryptocurrency to a wallet via an address designed to look similar to a wallet, according to an explanation provided by digital asset wallet provider Ledger.
The ruse is designed to trick wallet owners into accidentally copying the scammer’s address from their transaction history and sending funds to that wallet instead.
In this case CertiK is note By mimicking a 0.05 Ethereum (ETH) transfer, a scammer tricked victims into sending 1,155 WBTC worth $69.3 million to an incorrect address.
WBTC is an ERC-20 token pegged to the BTC price, allowing traders to speculate on Bitcoin while remaining within the Ethereum ecosystem. The 16th-largest cryptocurrency asset by market capitalization is trading at $62,953 at the time of this writing, up nearly 7% in the last 24 hours.
Peckshield, a blockchain security company note The fraudster exchanged the stolen WBTC for 23,000 ETH and then moved it elsewhere.
At the time of writing, Ethereum is trading at $3,116. The second-largest cryptocurrency asset by market capitalization is up more than 4% in the past 24 hours.
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