In the ongoing cryptocurrency market sentiment, where traders, as well as investors, are struggling to gain profits, on-chain security firm Cyvers’ post on X (previously Twitter) gathered everyone’s attention. According to the Cyvers’ post on X, an anonymous trader has been defrauded of a massive $68 million worth of Wrapped Bitcoin (WBTC) in what appears to be an elaborate address-poisoning scam.

Trader lose $68 million WBTC

Cyvers‘ renowned for its alertness in detecting such scandalous activities, on May 2, 2024, made a post on X, while questioning the authenticity of the massive loss, and stated that,
“Are we mistaken, or has someone truly lost $68 million worth of WBTC? Our system has detected another address falling victim to address poisoning, losing 1,155 WBTC.”

The victim, identified only by their wallet address “0x1e22,” has been left reeling from the devastating blow, having lost over 97% of their total assets. CoinStats reports that the value of assets lost amounts to a staggering $67.8 million.

Address poisoning, or address spoofing, takes advantage of traders who rush or overlook details in their transactions. Scammers use this tactic to trick victims into sending their digital assets to fake addresses they control.

The identity of the perpetrator behind this bold scam remains covered in mystery, highlighting the challenges in combating fraudulent activities within the realm of digital assets. As investigations unfold and efforts to trace the stolen funds intensify, the crypto community is left to ponder the sobering realities of the ever-evolving threat landscape.

Overview of the cryptocurrency market

However, looking at this incident, it appears that this substantial loss is the highest since April 2024. Additionally, with this loss, there is a high chance that in May 2024, we may witness massive cryptocurrency losses compared to April 2024.

Looking at the market conditions, currently, the overall cryptocurrency market is up by over 3%, but the 24-hour trading volume has dropped by 21%, currently standing near $70 billion. Meanwhile, top cryptocurrencies like Bitcoin, Ethereum, Solana, and Binance Coin experienced massive upside momentum of over 5%, 3%, 6%, and 3%, respectively.

In the ongoing cryptocurrency market sentiment, where traders, as well as investors, are struggling to gain profits, on-chain security firm Cyvers’ post on X (previously Twitter) gathered everyone’s attention. According to the Cyvers’ post on X, an anonymous trader has been defrauded of a massive $68 million worth of Wrapped Bitcoin (WBTC) in what appears […]  Read MoreNews, Crypto, Scam 

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