Binance co-founder Changpeng Zhao (CZ) has proposed a series of new security measures to "eradicate" address poisoning scams, including direct wallet alerts and building blacklists of suspicious addresses.
In a recent post, CZ suggested that wallets should automatically XEM if the receiving address is a "poisoned address" and block the transaction immediately if it is. He believes this is entirely achievable through blockchain data queries. CZ also proposed that wallets should not display small-value junk transactions, but should automatically filter them out to avoid confusing users.
Address poisoning is a form of phishing where scammers send small-value transactions to victims to "dirty" their transaction history. When users copy addresses from this history to transfer money, they may unknowingly send funds to the attacker's fake wallet.
According to Scam Sniffer, in November alone, 6,344 victims lost over $7.7 million due to phishing scams. This number is expected to increase sharply in December, mainly due to a single incident where an investor lost $50 million in USDT. CertiK identifies phishing as the most damaging form of fraud in 2024, with total losses exceeding $1 billion, and email address poisoning emerging as an increasingly serious threat.
Previously, phishing attacks primarily stemmed from "scam-as-a-service" tools that allowed attackers to use pre-built software to steal users' money. Security companies then responded by deploying warning tools in browsers and wallets.
However, address poisoning remains particularly dangerous for those who frequently copy wallet addresses from their transaction history. The majority of victims are unable to recover their funds, although there are rare cases.
In May 2024, a victim lost $71 million due to a website poisoning, but the attacker returned the entire amount within two weeks under pressure from investigators.
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The article "CZ proposes a solution to block 'address poisoning' attacks" first appeared on CoinMoi .
