Missing in wallet trap of silent wallet of $50 million, expensive habit of Crypto is exposed:

One of the affected traders in the crypto space is a crypto investor who has lost close to $50 million in USDT after an address poisoning scam, with such events receiving special focus given the decline in the number of crypto exchange hacks due to the implementation of secure technology.

It started with a test transfer sending a small sum solely for testing purposes to make sure that it was transferred to the correct address, though this address the user would copy from the transactions later on, to their unawareness, though, the scammers had already been part of this process.

The attacker also made a wallet address, which was supposed to look almost identical to the target but matched the initial and ending characters that all wallet addresses share. As a last-ditch try to catch the victim, the attacker sent a little dusting payment following the fake address.

While the victim replicated the address from this history, he ended up mistakenly sending $49,999,950 USDT to the scambler.

The information from the blockchain indicated that the money was exchanged immediately for ether and a series of wallets some of which had been tied to "privacy mixers". The privacy mixers had been set up to mask the source of the original money.

The unusual request was in response to the posting of an on-chain message that demanded a 98% refund of the money within 48 hours or risk facing legal proceedings in return for the $1 million reward in the event the money was refunded.

It is worth pointing out that this is merely another developing threat in the employment of crypto. Address poisoning is not founded on smart contracts or crypto, but rather on behaviors-primarily the practices of partial address comparison, copy paste from transaction history, as well as rushing precious transactions.

With ever increasing balances and the level of transactions rising into the millions, the importance of basic verification procedures will be equal to that of advanced methods.

#scam