Businessman loses $68 million in address poisoning scam.
An unknown trader lost $68 million worth of Wrapped Bitcoin (WBTC) in a single transaction to an address poisoning scam.
The $68 million theft was first reported by the chain's security firm Cyberspace in a May 3 X post.
Are we wrong or did someone lose $68 million worth of WBTC? Our system found another address that was a victim of poisoning and lost $1,155 in WBTC.
The victim wallet “0x1E” lost more than 97% of its total assets, more than $67.8 million, according to CoinStats.
Address poisoning, also known as address spoofing, aims to exploit the carelessness and haste of merchants when making transactions. It involves tricking victims into sending their digital assets to fraudsters' addresses.
Related: ZKasino fraud suspect arrested, $12.2 million seized by Dutch authorities
Fraud fell to a historic low of $25 million in April
Scams continue to undermine mainstream trust in the crypto industry. In April, investors lost at least $33 million in digital assets in a fraud case surrounding the ZKasino gambling platform. Dutch authorities arrested a suspect in connection with the Zikasino scam on April 29.
Despite the ZKasino phenomenon, in April alone $25.7 million worth of cryptocurrency was lost to fraud and hacking. This represents the lowest historical figure since 2021, when the on-chain intelligence firm CertiK began tracking the data.
According to the report, losses from hacking, exploitation and fraud have decreased by 141% compared to the previous month. The decline is largely due to the lack of private key consensus. April saw only three private key leaks, while March saw more than 11 private key compromise attacks.
However, Certike's figures do not include the $33 million ZKasino scam. Although the report considers the project to be in “controversy”, it is still a fraud.
On April 22, Zecasino transferred all 10,515 Ether (ETH) deposited by investors to the Lido staking protocol, fueling investors' concerns. Certike's report says the company will update its figures if ZKasino is found to be a malicious actor.
Related: Lazarus Group Raises Over $200M in Hacked Crypto Since 2020
