“Beware of “Address Poisoning” Scam” warns Crypto wallet

Ledger, a top provider of crypto currency wallets, has issued an important warning to the crypto community about a new, highly advanced scam called "address poisoning."

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This scam poses a serious threat to the security of users’ digital assets, and Ledger is actively educating and protecting its users against it.

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Understanding Cryptocurrency Wallets and Ledger’s Role

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Cryptocurrency wallets are digital tools that allow users to store, manage and transact with their cryptocurrencies. These wallets in various forms including hardware wallets, which are physical devices known for their enhanced security. The industry highly regards Ledger for its hardware wallets, which robustly protect users against online threats and safeguard their digital assets.

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The “Address Poisoning” Scam Explained

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In the world of cryptocurrency, every transaction has a unique address, which is a long string of characters representing the sender or receiver of funds. In the “address poisoning” scam, fraudsters send a small amount of cryptocurrency or a digital item, such as fungible tokens and NFTs (Non-Fungible Token), to the user's wallet. This unrequested transaction then appears in the user’s transaction history.

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The scammer’s aim is for the user to mistakenly copy the address, thinking it belongs to their intended recipient. When the user makes future transactions and uses the poisoned address, their funds get diverted to the scammer instead.

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Detailed Breakdown of the scam

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• unrequested transaction: The scam begins when the scammer sends a miniscule amount of cryptocurrency or an NFT to the user's wallet. This transaction is crafted to appear legitimate and seamlessly integrates into the transaction history.

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• Poisoned address in transaction history: The scammers hope the user will see this address in their transaction history and, in the rush of making future transactions, copy the address thinking it is safe.

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• Misdirected Funds: If the user fails to thoroughly verify transactions and the address and uses the poisoned one, their funds are transferred directly to the scammer's wallet, leading to a loss of assets.

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Protecting Yourself from Address Poisoning

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• Double-Check addresses: Always double-check the address before sending funds. Make sure it matches the address of your intended recipient.

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• Use Address Book Features: Utilise the address book features available in many cryptocurrency wallets, including Ledger, to store trusted addresses and reduce the risk of copying a poisoned address.

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• Ignore Suspicious Transactions: If you receive any unrequested transactions do not interact with it. You can hide unwanted tokens or NFTs in your wallet to keep your transaction history clean.

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• Educate Yourself: Stay informed about the latest scams and security practices in the cryptocurrency space, Knowledge is the key defence against fraud.

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Ledger’s Commitment to Security 

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Ledger remains committed to providing top-tier security solutions for cryptocurrency users. The company regularly updates its security protocols and educates its users on emerging threats. By staying ahead of potential scams, Ledger aims to create a safer environment for digital asset transactions. It has been hailed as the best wallet for Crypto.

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Pascal Gauthier, CEO of Ledger, stated “Our priority is to ensure our users can manage their digital assets accurately. The rise of sophisticated scams like address poisoning highlights the need for constant vigilance and education. We urge our community to stay informed and cautious to protect their valuable assets.”

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Conclusion

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The cryptocurrency space offers many opportunities, but it also comes with risks. As the community grows, so do the tactics of scammers. By understanding threats like address poisoning and taking proactive measures users can better protect their digital assets. Ledger will continue to support its users with state-of-the-art security solutions and critical information to navigate the ever-evolving landscape of digital currencies.

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To learn more about your cryptocurrency and stay informed about the latest security alerts, visit Ledger’s official website and follow their social media channels.

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This press release aims to inform the community about the new threat of address poisoning and to provide actionable advice on safeguarding digital assets. By staying vigilant and following recommended security practices, users can continue to enjoy the benefits of cryptocurrency with greater confidence.

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