Binance Develops “Antidote” to Address Poisoned Address Scams, Detects Millions of Affected Cryptocurrency Addresses

Binance Develops "Antidote" to Address Poisoned Address Scams, Detects Millions of Affected Cryptocurrency Addresses

Binance Develops "Antidote" to Address Poisoned Address Scams, Detects Millions of Affected Cryptocurrency Addresses

According to a report by Cointelegraph, security experts at the cryptocurrency exchange Binance have developed an “antidote” to combat the increasing threat of address poisoning scams, which deceive investors into sending funds to fake addresses.

According to the report shared with Cointelegraph, a algorithm developed by Binance’s security team can detect millions of poisoned cryptocurrency addresses. The report states:

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Binance’s new algorithm for detecting counterfeit addresses involves first identifying suspicious transfers, such as those with values close to zero or unknown tokens, and matching them with potential victim addresses. Malicious transactions are then timestamped and marked to identify potential points of poisoning.

According to the report, these counterfeit addresses have been registered in the database of HashDit, a Web3 security company collaborating with Binance. This will help protect the wider cryptocurrency industry from poisoning scams.

The algorithm also assists in marking counterfeit addresses on user-facing products, web browser extensions, and MetaMask Snaps offered by HashDit.