A crypto user recently lost nearly $700,000 in USDT after falling for a scam known as address poisoning. The trick involves scammers sending small fake transactions from wallet addresses that look nearly identical to real ones in a user’s transaction history. When the victim copies what they believe is a legitimate address—often one they’ve just used—they unknowingly send funds to the scammer instead. In this case, the victim had just done a test transaction to a Binance wallet and then copied a nearly identical but fake address, which led to the massive loss.
The scam is highly automated. Hackers use software to create thousands of lookalike wallet addresses, hoping someone will copy one by mistake. It’s a low-effort but high-reward method, and in this case, the stolen funds were quickly converted from USDT to DAI—a decentralized stablecoin that can’t be frozen like USDT. The scammer then moved the money through multiple wallets to cover their tracks, making recovery almost impossible.
Experts warn this type of scam is becoming more common. In fact, another user recently lost $467,000 the same way, and one previous case saw a loss of over $70 million. Security firms advise users to always double-check the entire wallet address before sending funds, never rely on shortened versions (like 0x123…abc), and avoid copying addresses from transaction histories or unverified messages. A few extra seconds of caution can protect your entire crypto balance.
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