CZ Proposes Fix To Address Poisoning After Investor Loses $50M

Binance co-founder Changpeng Zhao proposed new security measures to eliminate address poisoning, a phishing tactic where scammers trick users into sending crypto to illicit addresses by sending small initial transactions. Zhao suggested that wallets should check if a receiving address is a 'poison address' and block the transaction, or simply filter out spam transactions with small values. This proposal comes after a single victim lost $50 million in USDT due to an address poisoning scam recently, contributing to phishing scams costing victims over $7.7 million in November alone. Security firms have noted that phishing, including address poisoning, is a major threat, with one firm identifying it as the most damaging crypto scam of 2024, netting over $1 billion. Binance's security team has already developed an algorithm that has identified about 15 million poisoned addresses as an 'antidote' to this growing risk.

(Source：Cointelegraph)