Trader Suffers Almost $50 Million Loss in One of the Biggest Address Poisoning Attacks Ever Recorded

Major Loss from Address Poisoning Attack: A cryptocurrency trader lost nearly $50 million due to an address poisoning attack, which involved the manipulation of wallet addresses, highlighting vulnerabilities even experienced users face.

Attack Methodology: The attacker created a fraudulent wallet address that mimicked a legitimate one, tricking the victim into copying it from their transaction history, leading to the massive loss when the trader sent a large transfer.

Efforts to Recover Funds: The victim offered a $1 million bounty for the return of the stolen assets and threatened legal action if the attacker did not comply, but no response has been received, and the funds remain unrecovered.

Preventive Measures Against Address Poisoning: Security experts recommend verifying entire wallet addresses, using address books, treating unexpected transactions as suspicious, and considering hardware wallets to enhance security against such attacks.