After the investor lost 50 million dollars, CZ proposed to fix the poisoning

Binance co-founder Changpeng Zhao proposed additional security measures to “eliminate” address poisoning, including wallet warnings and blacklists of suspicious accounts.

“All wallets simply verify that the address they receive is a ‘poison address' and block the user. This is a blockchain request,” Zhao wrote in a blog post on Wednesday.

Address poisoning is a form of phishing where fraudsters trick victims into sending small transactions to send crypto to illegal wallets. Unsuspecting users often copy and paste the attacker's address from their wallet history.

Phishing scams cost 6,344 victims more than $7.7 million in November, according to data from Fraud Sniffer. This number is expected to rise in December due to the loss of $50 million USDT per victim on Friday.

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“Finally, wallets shouldn't show these spam transactions anywhere. If it's worth it [transaction] It's small, just check it out,” Zhao added.

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Crypto security responses to phishing threats

Security firm CertiK has described phishing as the most damaging crypto scam of 2024, costing attackers more than $1 billion, with address poisoning emerging as a threat.

In the past, phishing activity was dominated by mask-as-a-service exploits, which allowed attackers to plug in ready-made software for phishing campaigns and user funds. Security firms later responded by releasing browser- and wallet-based tools that warn users about harmful websites and dubious credentials.

Address poisoning continues to pose a risk, especially for users who copy wallet addresses from their transaction history. Although most victims do not recover their money, rare cases offer a second opportunity to actively wait.

In May 2024, a victim lost $71 million to an address poisoning scam, and unusually, the attacker ended up returning the entire amount two weeks later. The reverse is coming under increasing pressure from investigators who claim to have traced the fraudster's IP address.

To counter the growing threat, Binance's security team has developed what it describes as an “antidote” to combat the toxin. The system uses an algorithm that identified around 15 million poisoned addresses.

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