Crypto Trader Suffers $50 million Loss Following Address Poisoning Attack

A cryptocurrency trader lost $50 million in Tether’s USDT after falling victim to a sophisticated “address poisoning” attack.

On December 20, blockchain security firm Scam Sniffer reported that the attack began after the victim sent a small $50 test transaction to his own address.

Notably, traders use this standard precaution to confirm that they are sending funds to the correct address.

However, that activity alerted an automated script controlled by the attacker, which immediately generated a “spoofed” wallet address.