Binance Warns of Address Poisoning Scams Using Lookalike Wallet Addresses

Binance has warned cryptocurrency users about address poisoning scams that use lookalike wallet addresses to redirect future payments. The exchange said the scheme relies on a simple weakness in how people retrieve wallet addresses.

Rather than compromising a wallet or obtaining its private keys, an attacker attempts to make a fraudulent address appear familiar enough that a user may copy it during a later transaction.

The attack begins when a scammer identifies a wallet that has previously transferred funds to a particular recipient. The attacker then creates another wallet address designed to resemble the legitimate destination.

Binance noted that the attacker does not need access to the victim's private keys to carry out the scheme, and the presence of a small incoming transaction should not be treated as evidence that an address belongs to a trusted recipient.