Fun

Metamask Wallet Users Warned to Be on the Lookout for Address Poisoning Attacks

News Feed - 2023-01-15 05:01:57

Metamask Wallet Users Warned to Be on the Lookout for Address Poisoning Attacks


To avoid becoming victims of an address poisoning attack, Metamask wallet users should ditch the practice of copying and pasting wallet addresses, the crypto wallet app support team has warned. Metamask users should instead “develop a habit of thoroughly checking every single character of an address” before sending a transaction. Scammers Exploiting Users’ Carelessness


Metamask crypto wallet users should be wary of a new scammer tactic known as the address poisoning attack, which is dependent on the user’s “carelessness and haste above all else,” the team behind the software cryptocurrency wallet has warned. The Metamask team added that while the attack method may seem harmless, “it can just as easily result in a loss of funds.” A new scam called 'Address Poisoning' is on the rise. Here's how it works: after you send a normal transaction, the scammer sends a $0 token txn, 'poisoning' the txn history. (1/3)


— MetaMask Support (@MetaMaskSupport) January 11, 2023



In its Jan. 11 statement that explains how scammers use this new tactic to steal from unsuspecting users, the Metamask Support team said cybercriminals and scammers often exploit common behavior among crypto users such as the copying and pasting of wallet addresses. Although this ensures that funds are sent to the correct address, the team warned that scammers are aware that many users are unwilling to memorize their wallet addresses. The statement said:


“Since they’re so long, crypto wallet addresses are typically shortened. You might see the first lot of characters only, or sometimes you may see the initial 5-10 or so and the final 5-10 or so, skipping the middle. This is how most people recognize addresses: not by knowing every single character, but by becoming familiar with the start and finish. This is the tendency that address poisoning preys on.”


Users Must Check Every Single Character in a Wallet Address


According to the Metamask Support team, scammers often initiate a poisoning attack by sending a negligible amount to a dummy wallet address which closely matches that of a Metamask wallet user. After this, the scammer will wait and hope the targeted user[s] will “inadvertently copy their address from your transaction history and paste it elsewhere.”


Since transactions like these are said to be immutable or irreversible, when funds are sent to an incorrect address, they are lost forever. Therefore, wallet users need to take all precautions including “checking every single character.” The Metamask Support team said wallet users must try to end the practice of copying addresses from their transaction history.


Instead, wallet users should “develop a habit of thoroughly checking every single character of an address before you send a transaction.” Tags in this story crypto wallet, cybercriminals, Metamask Wallet, poisoning attack, wallet address


What are your thoughts on this story? Let us know what you think in the comments section below. Terence Zimwara


Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route. Ledger Reveals New Crypto Hardware Wallet Designed by iPod Creator Tony Fadell WALLETS | Dec 7, 2022 Web3 Crypto Onboarding Platform Transak Integrates With Coinbase Wallet WALLETS | Dec 4, 2022


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleHungarians Interested in Investment Potential of Cryptocurrencies, Poll Shows Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItFidelity Investments Launches Crypto, Metaverse ETFs — Says "We Continue to See Demand"


Fidelity Investments, one of the largest financial services firms with more than $11 trillion under administration, is launching exchange-traded funds (ETFs) focusing on the crypto ecosystem and the metaverse. "We continue to see demand, particularly from young investors, for access ... read more.Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Bill ‘On Digital Currency’ Caps Crypto Investments for Russians, Opens Door for Payments Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Ethereum Foundation"s Financial Report Discloses It Holds $1.6 Billion in Assets, 80.5% Held in Ether

News Feed

Iran Finds Scapegoat In ‘Easy Victim’ Bitcoin as Officials Shut Down 1,600 Mining Farms
Iran Finds Scapegoat In "Easy Victim" Bitcoin as Officials Shut Down 1,600 Mining Farms As Iran experiences rolling electricity blackouts, the country’s au
Bitcoin Goes Beast Mode—Mining Power Tops 1 Zetahash In First-Ever Surge
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 as Crypto Gains Encounter Resistance
Bitcoin, Ethereum Technical Analysis: ETH Falls Below $3,000 as Crypto Gains Encounter Resistance Gains in cryptocurrencies slowed down on hump-day, as bitcoin and ethereum prices
Warren Buffett Won’t Pay $25 for All Bitcoin in the World — Charlie Munger Calls BTC ‘Stupid and Evil’
Warren Buffett Won"t Pay $25 for All Bitcoin in the World — Charlie Munger Calls BTC "Stupid and Evil" Berkshire Hathaway CEO Warren Buffett says he won’t buy all the bitc
Hermi De Ramos12 hours agoAbu Dhabi grants virtual asset firm M2 permission to offer crypto servicesThe M2 platform will launch later in 2023, allowing UAE-based retail and institutional clients to buy, sell and custody
Bahamas Seizes Digital Assets Worth Over $3.5 Billion From Collapsed Crypto Exchange FTX
Bahamas Seizes Digital Assets Worth Over $3.5 Billion From Collapsed Crypto Exchange FTX The Securities Commission of the Bahamas has revealed that it seized digital assets worth m
XRP’s Path To $15: A Look At Historical Price Alignments
Este artículo también está disponible en español. In a technical analysis shared by crypto analyst Bobby A (@Bobby_1111888) on X, the analyst projects that XRP will poten
Ethereum Must Stay Above $2,480 For This Bullish Signal To Hold True – Analyst
Este artículo también está disponible en español. Ethereum (ETH) exhibited a dual-phased market movement in the last week rising by over 9% to reach a local peak of $2,71
Crypto Miners in Kazakhstan Start Paying Higher Electricity Fees
Crypto Miners in Kazakhstan Start Paying Higher Electricity Fees Since the beginning of 2023, cryptocurrency miners operating in Kazakhstan are obliged to pay new fees for the powe
Billionaire Bill Ackman Discusses Crypto Regulation — Says Industry Must Self-Police or Risks Being Shut Down
Billionaire Bill Ackman Discusses Crypto Regulation — Says Industry Must Self-Police or Risks Being Shut Down Billionaire Bill Ackman has warned that the crypto industry needs to
Square Enix Exploring Blockchain Game Development as Part of Oasys Project Partnership
Square Enix Exploring Blockchain Game Development as Part of Oasys Project Partnership Square Enix, one of the biggest Japan-based gaming companies, has inked a partnership with Oa
The XSwap Treasure Token Aims to Impress by Providing Many Useful Functionalities
The XSwap Treasure Token Aims to Impress by Providing Many Useful Functionalities press release PRESS RELEASE.XSwap is a name that has been gaining considerable attention lately for