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Binance Academy
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How Does Crypto Address Poisoning Attack Work?
Key Points
Blockchain address poisoning is a scam in the crypto world where perpetrators exploit the similarity between wallet addresses to trick users into sending funds to the wrong wallet.
Fraudsters create wallet addresses that resemble those commonly used by users and "pollute" their transaction history by sending small transactions from those fake addresses.
The irreversible nature of blockchain transactions increases the risk and impact of this address poisoning fraud.
Mitigation requires improvements at the protocol level, wallet, and user education, along with blockchain analysis and real-time monitoring.
Blockchain address poisoning is a scam in the crypto world where perpetrators exploit the similarity between wallet addresses to trick users into sending funds to the wrong wallet.
Fraudsters create wallet addresses that resemble those commonly used by users and "pollute" their transaction history by sending small transactions from those fake addresses.
The irreversible nature of blockchain transactions increases the risk and impact of this address poisoning fraud.
Mitigation requires improvements at the protocol level, wallet, and user education, along with blockchain analysis and real-time monitoring.
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