CZ proposes fix to address poisoning after investor loses $50M
Zhao urged the blockchain industry to adopt new security measures, including scam address blacklist, after an investor lost $50 million to an address poisoning scheme.
Binance co-founder Changpeng Zhao proposed additional security measures to “eradicate” address poisoning, including wallet warnings and blacklists of suspicious accounts.
“All wallets should simply check if a receiving address is a ‘poison address,’ and block the user. This is a blockchain query,” Zhao wrote in a Wednesday blog post.
Address poisoning is a form of phishing in which scammers trick victims into sending crypto to illicit wallets by first sending them small transactions. Unsuspecting users often copy and paste the attacker’s address from their wallet history.
