Binance Warns of 'Address Poisoning' Crypto Scam

Binance, one of the largest cryptocurrency exchanges in the world, has issued a warning about a type of scam called 'address poisoning.'

According to Binance, address poisoning attacks rely on lookalike wallet addresses and human error. Attackers send small transactions from fake addresses that look similar to legitimate addresses, hoping the victim will copy the wrong address.

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

To avoid falling victim to this scam, Binance advises users to only send funds to full addresses that have been verified, use address book allowlists, and do small test transfers first.