Safe Wallet scammer steals $2 Million Through “Address Poisoning Scam”

The hacker has been using a specific method to steal money who use Safe Wallet, and in the past week alone, they took $2 million from around ten users.
Safe Wallet scammer steals $2 Million Through Address Poisoning Scam

On December 3, the Web3 fraud detection tool fraud Sniffer disclosed that about 10 Safe Wallet customers have been the victims of address poisoning assaults, losing $2.05 million in total since November 26.

The total number of victims has now reached 21 after a hacker with expertise in “address poisoning attacks” was able to successfully steal over $2 million from Safe Wallet users just last week.

Over the last four months, this same attacker has managed to steal at least $5 million from a total of 21 victims, according to data from Dune Analytics that Scam Sniffer gathered. Fortunately, only $400,000 of the $10 million in cryptocurrency that one of the victims allegedly possessed in a Safe Wallet was lost.

Put more simply, a hacker has been taking money from Safe Wallet customers by employing a particular technique; in the last week alone, the hacker has stolen $2 million from about 10 individuals.

This raises the hacker’s total theft from 21 victims to $5 million over the previous four months. This attack cost someone who had $10 million in their Safe Wallet $400,000 in losses.

By sending a little quantity of cryptocurrency to the target from the fictitious address, the hacker tampers with the target’s transaction history. The idea is to trick the victim into mistakenly sending money to the hacker’s wallet rather than the intended recipient by tricking them into copying the imposter’s address from their transaction logs.

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