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An Ethereum user lost nearly $700,000 USDT to an address poisoning scam.
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Scammers exploited wallet display truncation to trick the victim into sending funds.
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Experts warn that address poisoning attacks are increasing and advise users to double-check addresses.
How the Scam Happened
The victim mistakenly sent 699,990 USDT to an attacker’s wallet address that mimicked a legitimate Binance address after a test transaction. The scammer quickly swapped USDT into DAI to evade asset freezes.
Rise of Address Poisoning Scams
Security experts report that address poisoning scams are on the rise, using mass-generated fake addresses to prey on victims. Even a 0.1% success rate can lead to huge profits for scammers.
How to Stay Safe
Experts urge users to verify entire wallet addresses carefully, avoid relying on truncated address displays, and cross-reference information on blockchain explorers like Etherscan before transferring funds.
