Read previewA cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address poisoning" scam.
Because blockchains are public, it's easy for scammers to find people's crypto addresses and send out spoof transactions to phish for victims.
Related storiesTrezor, another crypto trading platform, recommends double-checking every address before sending a transaction and never copying an address from transaction history when transferring funds to avoid address scams.
Sending a small test transaction before making a large transfer is also an effective method of verifying the address, the company says.
One study showed that crypto "pig butchering" scams cost investors $75 million from 2020 to 2024.
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Organizations:
Service, Business, Federal Trade Commission, FTC
Locations:
Bitcoin, scammers