Binance Warns About 'Address Poisoning' Crypto Scam

Binance, one of the largest crypto exchanges in the world, has issued a warning about a type of scam called 'address poisoning'. This attack relies on lookalike wallet addresses and human error.

The attackers send small transactions from fake addresses that appear similar to legitimate ones, hoping to confuse users who copy the wrong address. Scammers 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. Address poisoning attacks have been reported on many blockchains, including Ethereum, BNB Smart Chain, and others that use long hexadecimal addresses.