Binance’s new algorithm has already helped detect over 13.4 million spoofed blockchain addresses on BNB and over 1.68 million on Ethereum.
Binance’s security experts developed an “antidote” against the growing instances of address poisoning scams, that trick investors into willingly sending funds to a fraudulent address.
The security team of the world’s largest cryptocurrency exchange developed an algorithm that detected millions of poisoned crypto addresses, according to a report shared with Cointelegraph:
Address poisoning, or address spoofing, is a deception trick where scammers send a small amount of digital assets to a wallet that closely resembles the potential victim’s address, to make it part of the wallet’s transaction history — hoping that the victim will accidentally copy and send funds to their address.
