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You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-attack-leads-to-70-million-loss/" data-wpel-link="internal">Crypto Attack Leads to $70 Million Loss</a> 
As the value of cryptocurrencies increases, so do the losses from related attacks. Attackers are known to try every method to seize user funds. In this context, a significant incident occurred, and Lookonchain caught it. 
<h2 style="text-align: justify" id="crypto-currency-attack-occurred">Crypto Currency Attack Occurred</h2> 
A cryptocurrency investor suffered a loss of $70 million in Wrapped <a href="https://en.coin-turk.com/bitcoin-faces-resistance-after-reaching-all-time-high-will-the-bear-market-continue/" data-wpel-link="internal">Bitcoin</a> (WBTC) as a result of an attack on their address. The attack, which lasted exactly six hours, created a major shock effect in the cryptocurrency markets. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-347827" src="https://coin-turk.com/wp-content/uploads/2024/05/look-on-chain-coin-turk-com.png" alt="" width="332" height="467"> 
Lookonchain reported that the affected investor created a new address “0xd9A1b0B1e1aE382DbDc898Ea68012FfcB2853a91” and sent a small amount of Ethereum (ETH) worth about 0.05 ETH to the new address. 
This transaction by the investor is commonly seen in the decentralized finance (DeFi) space primarily to cover gas fees. 
It is known that when cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> create new crypto wallet addresses, they carry such funds to pay for potential gas fees associated with future transactions. 
However, unbeknownst to the investor, a scammer was waiting, ready to attack at the right moment without the investor realizing it. 
<h2 style="text-align: justify" id="details-of-the-crypto-currency-attack">Details of the Crypto Currency Attack</h2> 
The scammer appeared to use a technique known as an address attack. He created an address with the same starting and ending letters as the new address of the investor. The scammer made a striking move by transferring zero ETH to the investor and ensuring this was reflected in the investor’s transaction history. 
Many crypto wallets, for ease of use in the user interface, hide the middle part of addresses with “…”. 
The incident occurred at this point. The investor, intending to transfer his approximately $71 million worth of 1.155 WBTCs, copied the address to which the scammer had sent ETH instead of the address he had created himself. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-347828" src="https://coin-turk.com/wp-content/uploads/2024/05/wbtc-coin-turk-com.png" alt="" width="339" height="369"> 
It is a known fact that crypto wallet users generally only pay attention to the first and last four characters of addresses. 
This mistake led to a devastating outcome, resulting in the investor’s WBTCs falling into the hands of the scammer. The magnitude of the loss created a shock effect in the crypto community, and users made many posts expressing their astonishment. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/crypto-attack-leads-to-70-million-loss/" data-wpel-link="internal">Crypto Attack Leads to $70 Million Loss</a></h5>

Crypto Attack Leads to $70 Million Loss

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