Binance Sounds Alarm Over Sneaky Address Poisoning Crypto Scam

Binance has issued a warning about 'address poisoning,' a type of crypto scam that relies on human error rather than hacking.

The scam works by sending small transactions from fake addresses that look similar to legitimate ones, hoping the victim will copy the wrong address when sending funds.

According to Binance, attackers can use automated tools to generate wallet addresses matching the first and last few characters of legitimate addresses, taking advantage of how wallets display shortened addresses.

Funds sent to a poisoned address may be unrecoverable because blockchain transactions are irreversible.