Business Insider
- A cryptocurrency trader lost nearly $70 million in an 'address poisoning' scam.
- Scammers made spoof accounts to trick the victim into sending funds to the fake address.
- Crypto-related scams are on the rise, costing investors almost $4 billion last year, the FBI says.
A cryptocurrency trader reportedly lost tens of millions of dollars in a so-called "address poisoning" scam.
Address poisoning scams are carried out by thieves who make spoof accounts of their victim's online crypto "address," which they use to send a small amount of currency to the victim in hopes that they will accidentally send money to the fake address later, according to Transak, a crypto trading platform.