User Loses $50M in Address Poisoning Scam: Major Crypto Security Alert

A cryptocurrency investor has suffered a devastating loss of $50 million in a sophisticated "address poisoning" scam. This attack, flagged by blockchain security firm Cyvers Alerts, did not involve a smart contract exploit or a compromised seed phrase. Instead, the scammer used a "poisoned" wallet address, crafted to look nearly identical to the victim's own address, to trick them into sending a massive amount of Wrapped Bitcoin (WBTC). The fraudulent transaction occurred on May 3rd, with the stolen funds being swiftly converted to Ethereum (ETH). This incident serves as a critical warning for all crypto users to double-check every character in a wallet address before confirming transactions, highlighting the persistent risks of human error in decentralized finance (DeFi).