A recent report from Cyvers Alerts revealed that a scam involving address poisoning on the Binance Smart Chain (BNB) led to a loss of $100k just one day ago. Address poisoning is a type of scam by which the attackers change an address to make sure that the users will transfer the money to the incorrect location. In this case, the scammer was able to exchange all the stolen BUSD (Binance USD) and distribute the funds across multiple EOAs.

August Scams Total $1.86M Across BNB Chain and Other Blockchains

This is not the only con that has taken place and similar scams have occurred throughout the month of August. Combined, these scams have led to the loss of around $1.86M across the multiple blockchains. The most affected chains are Ethereum, Binance Smart Chain, $Base, and ARB.

The address poisoning technique is quite frequent as it enables scammers to exploit the trust users put into seemingly familiar addresses. Usually, fraudsters make small changes to an address, making it look as similar to a legitimate one as possible, causing the victim to transfer the money to the wrong account.

August Losses Highlight Need for Vigilance in Crypto Transactions

These losses happened in August and prove that users of blockchain networks must be more careful and careful. Since the adoption of cryptocurrencies in the international market continues to increase, the evolution of cryptocurrency frauds also prevails. It is crucial for users to check their addresses before anything and be wary of any new movements especially those that are strange to the wallet.

According to Cyvers Alerts, this is one of the most recent frauds identified on Binance Smart Chain, and even though fraudsters always invent new methods of cheating, the executive must stay careful in order to avoid significant losses.