Ledger Wallet, a major player in the cryptocurrency industry has issued a critical warning about an emerging crypto scam that has hit the crypto space.
The Sneaky Scams to Watch Out For
The crypto scam in trend is “address poisoning,” also referred to as address spoofing. This dangerous crypto scam usually entails cybercriminals crafting addresses that closely resemble legitimate ones. Unfortunately for investors and users, they often unknowingly end up sending their funds to these deceptive addresses.
Ledger, in an X post, shared guidance with users and investors on what to do if cybercriminals target their wallets. The counsel also applies if they come across an unfamiliar crypto coin or NFT in their wallet that they did not add themselves.
If you’ve ever seen a mysterious coin or NFT appear in your wallet – one that you didn’t send or ask anyone to send to you – then you may have been the target of an address-poisoning scam.
Want to know how address poisoning scams work and how you can avoid them? Scroll down to… pic.twitter.com/PDa2Fgov1x
— Ledger (@Ledger) June 21, 2024
To avoid falling for an address poisoning scam, the crypto wallet suggests ignoring the malicious transaction and wallet and steering clear of suspicious tokens or NFTs sent by scammers.
“You can hide the token/NFT collection to prevent accidental interactions with the scam wallet,” Ledger added.
This update comes after scammers attempted to mimic Ripple’s stablecoin RLUSD by establishing an AMM liquidity pool recently. In May, Binance, a top crypto exchange firm, had its security team come up with a potent remedy to safeguard investors from the growing threat of this crypto scam.
This came after an unidentified trader fell victim to an address-poisoning scam, losing a massive $68 million in Wrapped Bitcoin (WBTC) in one transaction.
Crypto Scams Had Done Severe Damage
Crypto scams have caused significant losses in the financial and crypto world. It has led to substantial losses for many individuals, sparking concerns about the security of digital assets.
From Japanese trading platform, DMM Bitcoin which lost $305 million to hackers last month to celebrity X accounts being used for crypto scam schemes, the recurrence is alarming.
The regulatory bodies, and crypto communities among others have been implementing stricter regulations, raising awareness, and increasing cybersecurity measures to combat these crypto scams and hacks.
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