Binance Develops 'Antidote' to Combat Address Poisoning Scams Following $68M Exploit

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Binance address poisoning $68M exploit

Posted By  janine mashima
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Binance Antidote to Address Poisoning Scams 18 May 2024

Introduction

Binance has announced a new security feature to address the issue of address poisoning scams. This move comes after the exchange suffered a $68 million exploit, highlighting the growing threat of address poisoning in the cryptocurrency space.


Summary of facts
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  • Crime: Address poisoning scam leading to a $68 million loss.
  • Entity Involved: Binance, one of the largest cryptocurrency exchanges.
  • Method: Attackers manipulated transaction histories to trick users into sending funds to incorrect addresses.
  • Solution: Binance introduced an anti-poisoning feature to mitigate such risks.
  • Legal: No legal actions specified, but the solution aims to protect users from future exploits.

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Breakdown of the Timeline for this alleged scam:
  • Incident Date: The $68 million exploit was discovered in 2024.
  • Response Date: Binance promptly developed and announced a security solution to combat address poisoning.
Legal Implications:
While no specific legal actions were mentioned, the introduction of Binance's anti-poisoning feature aims to enhance user protection and prevent similar exploits in the future. This proactive measure reflects Binance's commitment to security in the rapidly evolving crypto landscape.
Summary:

Binance has introduced an anti-poisoning feature following a $68 million address poisoning exploit. This new security measure aims to protect users from being tricked into sending funds to incorrect addresses by manipulating transaction histories. The proactive step underscores Binance's dedication to maintaining a secure trading environment.

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Entity Related Search Terms
Binance Binance, crypto exchange, Binance security
Address Poisoning address poisoning, crypto scam, transaction poisoning
Cryptocurrency Scams crypto scam, cryptocurrency fraud, $68M exploit
Security Features security feature, anti-poisoning, crypto security
Transaction History transaction history, blockchain security, transaction manipulation
Anti-Poisoning Feature anti-poisoning, Binance feature, user protection
Reference Source: [] 

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Address:

0x098B28d1721d645fA406e8734c037c7D1FD70daD

Only send tokens to this address on Bitcoin Mainnet (BTC)
Address:
bc1qdu5rpel9hjr5rgzg4x3k6946gy6ay9eynjs0l5
Only send tokens to this address on BNB Smart Chain (LTC)
Address
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on BNB Smart Chain (USDC)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Ethereum Mainnet Tether (USDT)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on BNB Smart Chain (BNB)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Solana Mainnet Beta (SOL)
Address:
b6QRUrVdP8Q3Vtcp7fcrx5s7WTemZVDsz9L5PTXkbMw
Only send tokens to this address on BNB Smart Chain (DOGE)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
Only send tokens to this address on Solana Mainnet Beta (ADA)
Address:
b6QRUrVdP8Q3Vtcp7fcrx5s7WTemZVDsz9L5PTXkbMw
Only send tokens to this address on BNB Smart Chain (DOT)
Address:
0x098B28d1721d645fA406e8734c037c7D1FD70daD
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