2 victims lost over $62 million due to address poisoning attacks resulting in copied incorrect addresses

ChainCatcher reports that, according to Scam Sniffer monitoring, a single victim in January lost $12.2 million due to copying the wrong address from their transaction history. Additionally, a similar attack involving 50 million US dollars occurred in December, bringing the total losses of two victims to over $62 million.

Address poisoning attacks involve attackers sending small amounts of tokens from visually similar addresses to trick users into copying the wrong address. Moreover, signature phishing attacks in January resulted in $6.27 million in stolen funds, a 207% month-over-month increase. Analysts believe that the Ethereum Fusaka upgrade lowered transaction costs, leading to an increase in such attacks.

Data from Coin Metrics shows that dust transactions related to stablecoins currently account for about 11% of Ethereum’s total daily transactions. Whitestream states that DAI has become the preferred choice for illegal actors to store funds due to protocol governance not cooperating with authorities to freeze addresses.