The post CZ Proposes Fix To Address Poisoning After Investor Loses $50M appeared on BitcoinEthereumNews.com.

Binance co-founder Changpeng Zhao proposed additional security measures to “eradicate” address poisoning, including wallet warnings and blacklists of suspicious accounts. “All wallets should simply check if a receiving address is a ‘poison address,’ and block the user. This is a blockchain query,” Zhao wrote in a Wednesday blog post. Address poisoning is a form of phishing in which scammers trick victims into sending crypto to illicit wallets by first sending them small transactions. Unsuspecting users often copy and paste the attacker’s address from their wallet history. Phishing scams cost 6,344 victims over $7.7 million in November, according to Scam Sniffer data. That number is expected to surge in December largely due to $50 million in USDT (USDT) lost by a single victim on Friday. Related: CZ receives fake ‘Grok’ coins amid new wave of Elon Musk scam tokens “Lastly, wallets should not even display these spam transactions anywhere. If the value of the [transaction] is small, just filter it out,” Zhao added. $50M address poisoning transaction, wallet 0xcB8. Source: Etherscan.io Related: Coinbase data leak could put users in physical danger: TechCrunch founder Crypto security responses to phishing threats Security company CertiK identified phishing as the most damaging crypto scam of 2024, netting attackers more than $1 billion, with address poisoning emerging as a growing threat. Earlier phishing activity was dominated by scam-as-a-service drainers, which allowed attackers to plug ready-made software into phishing campaigns and siphon user funds. Security firms later responded by rolling out browser and wallet-based tools that warned users about malicious websites and suspicious approvals. Address poisoning continues to pose a risk, particularly for users who habitually copy wallet addresses from their transaction history. While most victims do not recover their funds, rare cases offer a second chance at vigilance. In May 2024, one victim lost $71 million…

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Filed under: News - @ December 25, 2025 11:26 pm