An Ethereum user recently lost nearly $700,000 to an address poisoning scam, a growing threat in the crypto world. Address poisoning involves creating fake addresses similar to ones victims have interacted with, tricking them into sending funds to scammers. The victim mistakenly sent 699,990 USDT to an attacker's wallet that resembled a Binance wallet. Scammers automate the creation of fake addresses to target high-value wallets, making the scam low effort but high reward. To avoid falling victim, experts advise users to thoroughly check addresses before transferring funds, avoid truncated addresses, and verify transactions on blockchain explorers. The victim's funds were quickly converted to DAI to evade freezing by Tether. Address poisoning scams are increasing, with one victim losing $70 million last year. Vigilance and verification are key to preventing such scams in the future. Read more AI-generated news on: https://app.chaingpt.org/news

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