Wrapped Bitcoin

Ronin

Cyber

Binance’s security team has <a href="https://cointelegraph.com/news/binance-antidote-address-poisoning-scams-algorithm" rel="noopener noreferrer nofollow">developed</a> a strong antidote to protect investors from the increasing risk of address poisoning scams.
Address poisoning also known as address spoofing typically involves cybercriminals creating addresses that closely mimic legitimate ones. Investors and users, often without realizing it, are duped into transferring their funds to these fraudulent addresses.&nbsp;
<h2 id="b-binance-security-team-implements-multi-layered-defense-mechanism-b">Binance Security Team Implements Multi-Layered Defense Mechanism</h2>
To combat this, the world’s largest cryptocurrency exchange’s security experts have implemented a multi-layered defense mechanism. The cornerstone of this antidote is an advanced address verification system that rigorously checks and cross-references wallet addresses before transactions are executed.
Notably, this system employs machine learning algorithms to identify and flag suspicious addresses that deviate subtly from known legitimate addresses. The poisoned addresses, as per Binance’s report, are listed in the database of HashDit, a Web 3.0 security company partnered with Binance for security. This partnership aims to safeguard the crypto industry from poisoning scams.
Meanwhile, Binance’s decision comes a few days after an unknown trader <a href="https://coinstats.app/address/0x1E227979f0b5BC691a70DEAed2e0F39a6F538FD5/" rel="noopener noreferrer nofollow">lost</a> $68 million worth of Wrapped Bitcoin (WBTC) in a single transaction in an address-poisoning scam. So far, Binance’s new algorithm has helped detect over 13 million spoofed blockchain addresses on BNB and almost 2 million on Ethereum.&nbsp;
<h2 id="b-binance-displays-practical-evidence-of-solidarity-b">Binance Displays Practical Evidence of Solidarity</h2>
Shortly after the cryptocurrency exchange HTX, formerly known as Huobi disclosed a security breach that led to an $8 million loss, Former Binance CEO Changpeng ‘CZ’ Zhao <a href="https://thecoinrise.com/binance-ceo-offers-help-to-track-huobis-stolen-funds/" rel="noopener noreferrer nofollow">extended an offer of assistance from the exchange’s security team</a> to aid in the investigation of the incident.&nbsp;
The cryptocurrency exchange also <a href="https://thecoinrise.com/binance-exchange-helped-ronin-network-to-recover-5-8m-lost-through-hack/" rel="noopener noreferrer nofollow">helped Axie Infinity’s Ronin Network recover some funds lost </a>to the hack on its Bridge in March 2022. Notably, the news has showcased how much solidarity exists in the digital currency ecosystem, as exchanges and other <a href="https://thecoinrise.com/shiba-inu-and-huobi-come-as-saviors-for-bitmart-to-help-overcome-the-196m-hack/" rel="noopener noreferrer nofollow">blockchain startups collaborate to fight related crimes of this nature</a>.
<h2 id="b-binance-debuts-anti-scam-campaign-b">Binance Debuts Anti-Scam Campaign</h2>
As reported by TheCoinRise.com in March 2023, <a href="https://thecoinrise.com/binance-debuts-anti-scam-campaign-details/" rel="noopener noreferrer nofollow">Binance announced the launching of an initiative to avoid scams</a> by sending targeted warnings to possible victims in collaboration with law enforcement organizations. The “Joint Anti-Scam Campaign” project initially launched in Hong Kong, is now expanding across other countries.&nbsp;
As part of the trial project, users who attempted to withdraw funds were met with notifications showing details on typical scams and advice on how to dodge them. Also, the exchange looked into how users reacted to the messages for four weeks. It was discovered that roughly 20.4% of users either chose not to make the transfer or looked further to identify if it was a scam.
The alert provided data on the amount of fraud in Hong Kong over a particular period and suggested websites like Scameter, the Anti Deception Coordination Center, Cyber Defender, and Binance Verify as useful resources.
The post <a href="https://thecoinrise.com/binance-experts-develop-antidote-to-address-poisoning-scams/" rel="noopener noreferrer nofollow">Binance Experts Develop Antidote to Address Poisoning Scams</a> appeared first on <a href="https://thecoinrise.com" rel="noopener noreferrer nofollow">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Binance Experts Develop Antidote to Address Poisoning Scams

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