The MetaMask team has identified a recent spike in a new form of crypto wallet address fraud that aims to exploit user negligence.
MetaMask alerted users to an address poisoning scam in which attackers send tokens worth $0 to victims’ wallets in order to corrupt their transaction histories.
This scam is unique and involves the use of advanced software to track the victim’s transactions and generate a vanity address that closely resembles the victim’s address.
To fool unsuspecting users, the scammer uses wallet addresses with the same first and last characters as the victim’s address. This can trick individuals into sending funds to a fake address.
It is important to note that this scam does not grant the attacker access to the user’s wallet. However, those who have developed the habit of copying their wallet address from their transaction history before transferring digital assets can inadvertently send their funds to a replica address.
To protect against this scam, MetaMask advises users to always carefully check and confirm their transactions before sending funds. To ensure that the funds are transferred to the correct wallet, MetaMask suggests carefully reviewing each character of the wallet address.
This scam is particularly effective due to the length of crypto wallet addresses, which can make them difficult for users to memorize. As the scam is new, the copied addresses could belong to either the sender or the receiver of the actual transaction.
MetaMask announced the removal of Wyre from its platform on Twitter earlier this week. The Wyre payment system, which was integrated into MetaMask’s digital wallet, enabled users to easily purchase various cryptocurrencies directly from their wallet.
Although Wyre’s support has ended, MetaMask promised its users they would still have access to many other payment gateway options.
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