🛡 CZ Calls for an End to "Address Poisoning" After $50M Theft
Former Binance CEO Changpeng Zhao (CZ) has issued a stern critique of current crypto wallet security standards. The move follows a devastating error where a trader lost $50,000,000 in a single click.
How the "Address Poisoning" Scam Works:
You make a legitimate transfer (e.g., a 50 USDT test).A scammer monitors the blockchain and immediately sends a tiny amount of "dust" to your wallet from an address that looks almost identical to yours. Only the first and last few characters match.You check your transaction history, copy the "previous" (actually the scammer's) address, and send the bulk of your funds—$50 million—directly to the criminals.
Solutions Proposed by CZ:
CZ believes the industry must implement two systemic changes to eradicate this fraud:
✅ Dynamic Blacklists: Wallets must flag and block suspicious addresses in real-time. Users should receive instant warnings when interacting with reported accounts (a feature already active in Binance Wallet).
✅ Micro-transaction Filtering: Wallets should automatically hide or filter out "dust" and suspiciously small transfers from the transaction history so they don't mislead users during the copying process.
How to Stay Safe Today:
Until these measures become the industry standard, follow these "Golden Rules":
⚠️ Never copy an address from your transaction history.🔍 Verify every single character, not just the beginning and the end of the address.📖 Use Address Books (Whitelists) for frequent transfers.📱 Scan QR codes instead of copying and pasting strings.
The security of your funds starts with your vigilance. One wrong click can cost a fortune.
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