One user lost 49.9 million USDT due to a simple copy and paste error.
Fraudsters used address poisoning techniques, resulting in the creation of a fake wallet in the transaction record.
Experts advise using saved addresses or those listed in the allowed list, hardware wallets, and splitting large transfers.
Trial transfers alone cannot prevent losses; verifying the entire wallet addresses is essential.
A cryptocurrency user reported losing nearly 50 million dollars in USDT after mistakenly copying a scammer's wallet address. Analysts revealed details of the incident, indicating that simple mistakes can lead to massive losses in the crypto world.
Routine check turns into a risk $FTM
The user started with a usual precautionary step. They sent a trial amount of 50 USDT to the targeted wallet. The transaction was successfully completed, giving them the confidence to send the remaining amount.
But the scammers moved quickly. They created a fake wallet address that closely resembled the original address, matching the first and last characters. They then sent a small transaction to show the fraudulent address in the user's transaction history.
How does the ‘address poisoning’ scam work? $JUP
When the user copied the address from their transaction history, they mistakenly chose the scammer's address. Moments later, 49.9 million USDT was transferred to the attacker's account. Once blockchain transactions are executed, they cannot be reversed.
This type of scam, known as address poisoning, relies more on human habits than on technical breaches. Many users trust addresses found in their previous transaction records, making them vulnerable. One mistake can lead to catastrophic losses.
Why are trial transfers not enough? $KNC
Trial transfers usually help avoid mistakes, but scammers can time their attacks to exploit them. In this case, they waited until the small transaction was completed and trust was established, then entered the fake address at the right moment.
Large transfers require additional verification. Just verifying once or relying on previous transactions is no longer a safe option.
Protecting crypto assets
Experts recommend several precautions:
1-Avoid copying addresses from the transaction history
2-Verify every character in the address, not just the first and last characters
3-Use trusted or verified addresses
4-Confirm addresses on hardware wallets before sending funds
5-Split large transfers into smaller amounts
A little extra time could prevent irreversible losses.
Lessons from the scam
The $50 million scam reveals the scammers' precision and patience. As the use of cryptocurrencies expands, users must verify every step.
In a fast-moving market, being slow to verify wallet addresses can safeguard millions. One careful step can save assets, while a single mistake can cost everything.
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