CZ Warns: Blockchain Fights Back Against $50M Scam
Update: 2025-12-25
Description
Binance co-founder Changpeng Zhao urges blockchain community to combat address poisoning scams with enhanced security measures. He proposes wallets should alert users of suspicious addresses, blacklist scam ones, and even block transactions to poisoned wallets. This call comes after a fifty million dollar loss in Tether due to such scams. Address poisoning, a phishing-like attack, involves scammers sending small amounts from a fake wallet resembling the victims real one, tricking users into sending large funds to the wrong address. Phishing scams cost victims over seven million dollars last November and are predicted to surge this December. Address poisoning is a growing concern, with over one billion dollars stolen through phishing this year and a significant rise in address poisoning cases. Wallets need these security fixes to protect users funds, as most lost funds are unlikely to be recovered.
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