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Wrapped Bitcoin

Bitcoin

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Million

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/crypto-scam-causes-70-million-loss" rel="noopener noreferrer nofollow">Crypto Scam Causes $70 Million Loss</a><br></p>
<p style="text-align: justify">A recent cyber attack on a cryptocurrency investor resulted in a substantial <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">financial</a> loss of $70 million in Wrapped <a href="https://en.bitcoinhaber.net/bitcoins-price-stability-challenged-by-market-fluctuations-and-etf-outflows" rel="noopener noreferrer nofollow">Bitcoin</a> (WBTC). The incident unfolded over a span of six hours and had a profound impact on the crypto <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">market</a>, leaving the community in dismay. Lookonchain, a blockchain analytics platform, first reported this event after detecting unusual activity linked to a newly created crypto address.</p>
<h2 style="text-align: justify" id="how-was-the-crypto-investor-scammed">How Was the Crypto Investor Scammed?</h2>
<p style="text-align: justify">The affected investor had set up a new wallet address and transferred a small amount of Ethereum to it, a common practice among crypto owners to manage transaction fees in the decentralized finance sector. Unbeknownst to them, a scammer had replicated a similar-looking address, capturing only the first and last few characters, making it appear legitimate. This deceptive similarity led the investor to mistakenly send approximately $71 million worth of WBTC to the fraudster’s address.</p>
<h2 style="text-align: justify" id="what-techniques-did-the-scammer-use">What Techniques Did the Scammer Use?</h2>
<p style="text-align: justify">The scammer employed a strategy known as an address attack, where they create a wallet address that closely mimics the intended recipient’s address. By making a nominal transfer to the investor, which appeared in their transaction history, the scammer set the stage for the error. Many wallet interfaces do not display full addresses, which contributed to the investor’s costly mistake.</p>
<h2 style="text-align: justify" id="user-usable-inferences">User-Usable Inferences</h2>
<ul style="text-align: justify">
 <li>Verify full wallet addresses during transactions, not just the beginning and end.</li>
 <li>Use wallet applications that display complete addresses to avoid similar scams.</li>
 <li>Regularly update and review security practices for handling large transactions.</li>
</ul>
<p style="text-align: justify">The loss of such a significant amount of WBTC not only affected the investor but also sent shockwaves through the cryptocurrency community, highlighting the vulnerabilities associated with digital asset transactions. This event serves as a crucial reminder for crypto <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank">investors</a> to exercise heightened vigilance and adopt robust security measures when managing their digital assets.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/crypto-scam-causes-70-million-loss" rel="noopener noreferrer nofollow">Crypto Scam Causes $70 Million Loss</a></h5>

Crypto Scam Causes $70 Million Loss

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