A Trader Loses $68 Million in Bitcoin Due to BTC Address Poisoning Scam
According to U.Today, a Crypto Trader lost $68 million in wrapped Bitcoin (wBTC) due to an BTC address poisoning scam. The scam involves creating a cloned address that closely resembles the actual one, tricking the victim into performing transactions to the wrong address. The crypto trader, unfortunately, did not double-check the crypto address and ended up losing a significant amount of (wBTC).
The fraudulent address had the same six characters at the beginning and the end, making it quite difficult to distinguish from the real one. The crypto trader’s funds have mostly been converted to Ethereum (ETH), as reported by cryptocurrency tracking and compliance platform (MistTrack).
The Blockchain investigator Officer’s stated that there is no possible function in the wBTC issuer’s code to freeze the (wBTC), meaning that the funds are likely lost forever. With the (wBTC) now converted to Ethereum, it remains unknow how the crypto scammer plans to use the money, given that their actions will be closely monitored by numerous blockchain investigators.
MistTrack has suggested that the crypto scammer should consider returning the wrapped BTC (wBTC), as it is highly unlikely they will be able to spend the entire amount without being detected. The platform stated and warned that the large sum of the (wBTC) involved would attract significant attention to find the scammer, making it difficult for the crypto scammer to make any funny moves without being watched.
