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Crypto Transfer Trap with Disguised Addresses

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A crypto address is a string of tens of letters and numbers. Due to its complication and extremely low readability, many users usually take the shortcut, checking only the first and the last few digits of the address when making crypto transfers, which gives scammers a chance to set traps with disguised addresses.

 

The crypto transfer trap often happens right after the victims have completed a transfer, in which case, the scammers generate a batch of addresses in advance and monitor transactions of similar addresses on the blockchain.

1. The user initiates a USDT transfer to the receiving address T******EifWk7.

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2. Once the transaction is completed, the scammer will use a disguised address to transfer a small amount or zero amount of the same crypto to the user, after detecting that the receiving address is similar to the disguised address in the first and the last few digits. As shown in the below figure, the disguised address is T******KifWk7. We can see that its first digit and last 5 digits are the same as those in the real receiving address. If the user does not check the transaction details carefully, it is likely to mistake it as their own transaction.

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3. When making a transfer to the same address next time, if the user directly copies the sender address of the receiving transaction (the disguised address) and only checks the last 5 digits, the cryptos will be sent wrongly to the scammer's address, causing asset loss.

 

Security tips:

  1. Make sure to check all digits of the address carefully to avoid the crypto transfer trap with disguised addresses.
  2. It's recommended that you add frequently used addresses to "Me"> "Address Book" on ViaWallet, and set an address name to identify the real address.
  3. Make sure to copy the correct receiving address (deposit address, receiver's address, etc.) when making transfers. DO NOT copy addresses from historical transaction records.
  4. DO NOT send cryptos to strangers and be vigilant about unsolicited deposits.

 

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