Stablecoin

Jerry

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<p>A user lost nearly $50m in a stablecoin address poisoning scam after copying a fake address, as U.S. senators push the SAFE Crypto Act to tackle rising crypto fraud.</p>
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   <li>A stablecoin user sent 49,999,950 tokens to a poisoned address copied from transaction history after an initial test transfer to the correct recipient.<a href="https://crypto.news/wp/wp-admin/post-new.php" target="_blank" rel="noopener noreferrer nofollow"></a>​</li>
   <li>Address poisoning scams plant near‑identical wallet addresses in history, exploiting copy‑paste habits rather than protocol bugs or smart contract exploits.<a href="https://crypto.news/wp/wp-admin/post-new.php" target="_blank" rel="noopener noreferrer nofollow"></a>​</li>
   <li>The bipartisan SAFE Crypto Act would create a federal task force linking agencies, law enforcement and industry to detect and disrupt crypto fraud schemes.</li>
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<p>A cryptocurrency user lost nearly $50 million in an address poisoning scam after copying a fraudulent address from transaction history, according to blockchain security firm Web3 Antivirus.</p>
<h2 class="wp-block-heading" id="crypto-scams-proliferate">Crypto scams proliferate</h2>
<p>The incident, which resulted in one of the largest on-chain losses this year, occurred when the user initially sent a small test transaction to the intended address but minutes later mistakenly transferred 49,999,950 units of a <a href="https://crypto.news/chinese-authorities-warn-of-stablecoin-fraud-amid-rising-local-buzz/" rel="noopener noreferrer nofollow">stablecoin</a> to a poisoned address copied from transaction history, Web3 Antivirus reported.</p>
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<p>Address poisoning scams involve malicious actors planting look-alike wallet addresses in a user’s transaction history. The fake addresses closely resemble intended recipient addresses, often differing by just a few characters, according to security experts. The scam exploits copy-and-paste behavior rather than targeting technical vulnerabilities.</p>
<p>You might also like: <a href="https://crypto.news/bitcoin-ally-lummis-bows-out-of-2026-race-but-vows-crypto-push-to-2026/" rel="noopener noreferrer nofollow"> Bitcoin ally Lummis bows out of 2026 race but vows crypto push to 2026 </a></p>
<p>The victim’s wallet had been active for approximately two years and was primarily used for stablecoin transactions, according to the security firm. The funds were withdrawn from <a href="https://crypto.news/binance-ceo-focused-on-improving-defi-wallets/" rel="noopener noreferrer nofollow">Binance</a> shortly before the poisoned transfer occurred.</p>
<p>Cryptocurrency-related hacks have increased in 2025, resulting in billions of dollars in losses, according to industry data. In response, Senators Elissa Slotkin and Jerry Moran introduced the bipartisan<a href="https://crypto.news/ethereum-account-abstraction-crypto-mass-adoption/" rel="noopener noreferrer nofollow"> SAFE Crypto Act</a>, which proposes a federal task force to strengthen enforcement, improve interagency coordination, and address cryptocurrency fraud.</p>
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   <p>How to lose $50M in under an hour. This is one of the largest on-chain scam losses we’ve seen recently.<br><br> A single victim lost $50M in <a href="https://twitter.com/search?q=%24USDT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">$USDT</a> to an address poisoning scam. The funds had arrived less than 1h earlier.<br><br> The user first sent a small test tx to the correct address. Mins… <a rel="noopener noreferrer nofollow" href="https://t.co/Umsr8oTcXC">pic.twitter.com/Umsr8oTcXC</a></p>— Web3 Antivirus (@web3_antivirus) <a href="https://twitter.com/web3_antivirus/status/2002043421368693140?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">December 19, 2025</a>
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<p>The SAFE Crypto Act, officially titled the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, seeks to establish a federal task force dedicated to identifying, monitoring, and preventing cryptocurrency-related scams. The legislation aims to enhance coordination between government agencies, law enforcement, and private-sector specialists, targeting investment fraud losses that disproportionately impact older investors, according to the bill’s sponsors.</p>
<p>The proposed legislation invites participation from digital asset service providers, stablecoin issuers, custodians, blockchain intelligence firms, consumer protection groups, and victims’ advocacy organizations.</p>
<p>The task force would analyze trends across cryptocurrency fraud, focusing on Ponzi schemes, rug pulls, fraudulent token offerings, money laundering, and financial grooming scams, according to the proposed legislation.</p>
<p>Security specialists recommend verifying addresses through multiple sources, using hardware wallets for large transfers, and employing on-chain monitoring tools to detect suspicious activity before sending significant funds, according to industry experts.</p>
<p>Read more: <a href="https://crypto.news/us-lawmakers-urge-irs-to-end-double-taxation-on-crypto-staking-before-2026/" rel="noopener noreferrer nofollow"> US lawmakers urge IRS to end double taxation on crypto staking before 2026 </a></p>

Stablecoin holder loses $50m in address poisoning scam on Binance withdrawal

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