Wang Chun was also a victim: A $50 million USD sky-high "tuition fee". Why is address poisoning so successful?
Original Article Title: "50 Million USD Stolen Due to Failure to Double-Check Address"
Original Article Author: Eric, Foresight News
Yesterday morning Beijing time, a blockchain analyst named Specter discovered a case where nearly 50 million USDT was transferred to a hacker's address due to a lack of careful address verification.
According to the investigation conducted by the author, the address (0xcB80784ef74C98A89b6Ab8D96ebE890859600819) withdrew 50 USDT from Binance for a large withdrawal test at around 13:00 on the 19th Beijing time.

Approximately 10 hours later, the address withdrew 49,999,950 USDT in a single transaction from Binance, adding to the previous 50 USDT, totaling exactly 50 million.

Approximately 20 minutes later, the address that received the 50 million USDT first transferred 50 USDT to address 0xbaf4…95F8b5 for testing purposes.

In less than 15 minutes after the test transaction, the hacker address 0xbaff…08f8b5 transferred 0.005 USDT to the address holding the remaining 49,999,950 USDT. The hacker's address used for the transfer had a very similar beginning and ending compared to the address that received the 50 USDT, indicating a clear "address poisoning" attack.

10 minutes later, as the address starting with 0xcB80 attempted to transfer the remaining 40+ million USDT, possibly due to negligence, it mistakenly copied the previous transaction, i.e., the address used by the hacker for "poisoning," and directly sent nearly 50 million USDT to the hacker.

Upon receiving the 50 million USD, the hacker initiated money laundering activities just 30 minutes later. According to slowmist monitoring, the hacker first converted the USDT to DAI via MetaMask, then used all the DAI to purchase approximately 16,690 Ethereum, keeping 10 ETH and transferring the remaining Ethereum to Tornado Cash.
Around 16:00 (Beijing Time) yesterday, the victim called out to the hacker on-chain, stating that criminal charges had been officially filed. With the assistance of law enforcement agencies, cybersecurity organizations, and multiple blockchain protocols, a significant amount of credible intelligence regarding the hacker's activities has been collected. The victim stated that the hacker could keep $1 million and return the remaining 98% of the funds. If the hacker complies, no further action will be taken; however, if the hacker does not cooperate, they will be pursued through legal channels for criminal and civil liability, and the hacker's identity will be publicly disclosed. As of now, the hacker has not made any moves.
According to data compiled by the Arkham platform, this address has records of large transfers with Binance, Kraken, Coinhako, and Cobo addresses. While Binance, Kraken, and Cobo are well-known, Coinhako may be a relatively unfamiliar name. Coinhako is a Singaporean local cryptocurrency exchange platform established in 2014. In 2022, it obtained a Major Payment Institution license from the Monetary Authority of Singapore, making it a regulated exchange platform in Singapore.

Given that this address interacted with multiple exchanges and Cobo custody services and demonstrated the ability to swiftly contact various parties for tracking the hacker within 24 hours of the incident, the author speculates that this address likely belongs to an organization rather than an individual.
From "Oops" to a Costly Mistake
The only explanation for a successful "address poisoning" attack is "carelessness." Such attacks can be easily avoided by double-checking the address before a transaction, but evidently, the central figure in this incident skipped this crucial step.
Address poisoning attacks emerged in 2022, with the story originating from a "fancy address" generator, a tool that allows customization of the EVM address prefix. For example, the author could generate an address starting with 0xeric to make it more recognizable.
The hacker later discovered that due to a design flaw, this tool could brute force private keys, leading to several major fund theft incidents. However, the ability to generate addresses with customized prefixes and suffixes also sparked a sinister idea: by creating addresses similar to the beginning and end of a user's commonly used transfer address and transferring funds to another address used by the user, some individuals might mistakenly send their on-chain assets to the hacker's address, assuming it to be their own due to carelessness.

Historical on-chain data shows that the address starting with 0xcB80 was one of the key targets for address poisoning by the hacker before this attack, with the address poisoning attack commencing nearly 1 year ago. This attack method fundamentally relies on the hacker betting that one day you will fall for the trick due to laziness or inattention. Ironically, this blatantly obvious attack method has led to more and more "careless" individuals becoming victims.

In response to this incident, F2Pool co-founder Wang Chun expressed sympathy for the victims. He mentioned that last year, in order to test if his address had experienced a private key leak, he sent 500 Bitcoins to it, only to have 490 Bitcoins stolen by hackers. Although Wang Chun's experience is not directly related to address poisoning attacks, he likely wanted to convey that everyone has moments of oversight and shouldn't blame the victims for their carelessness, but rather should point the finger at the hackers.
A $50 million loss is not a small amount, but it is not the highest amount stolen in such attacks. In May 2024, an address fell victim to a similar attack where over $70 million worth of wrapped Bitcoin (WBTC) was sent to a hacker's address. However, the victim ultimately recovered almost all the funds through on-chain negotiation with the assistance of security firms Match Systems and the Cryptex trading platform. In this recent incident, the hacker quickly converted the stolen funds to Ethereum and transferred them to Tornado Cash, making the possibility of recovery uncertain.
Casa co-founder and Chief Security Officer Jameson Lopp warned in April that address poisoning attacks were rapidly spreading, with over 48,000 such incidents occurring on the Bitcoin network alone since 2023.
These attack methods, including fake Zoom meeting links on Telegram, are not sophisticated, but it is precisely this "simple" approach that can catch people off guard. For those of us in the dark forest, it's always better to be extra cautious.
You may also like

2% user contribution, 90% trading volume: The real picture of Polymarket

Trump Can't Take It Anymore, 5 Signals of the US-Iran Ceasefire

Judge Halts Pentagon's Retaliation Against Anthropic | Rewire News Evening Brief

Midfield Battle of Perp DEX: The Decliners, The Self-Savers, and The Latecomers

Iran War Stalemate: What Signal Should the Market Follow?

Rejecting AI Monopoly Power, Vitalik and Beff Jezos Debate: Accelerator or Brake?

Insider Trading Alert! Will Trump Call a Truce by End of April?

After establishing itself as the top tokenized stock, does Ondo have any new highlights?

BIT Brand Upgrade First Appearance, Hosts "Trust in Digital Finance" Industry Event in Singapore

OpenClaw Founder Interview: Why the US Should Learn from China on AI Implementation
WEEX AI Wars II: Enlist as an AI Agent Arsenal and Lead the Battle
Where the thunder of legions falls into a hallowed hush, the true kings of arena are crowned in gold and etched into eternity. Season 1 of WEEX AI Wars has ended, leaving a battlefield of glory. Millions watched as elite AI strategies clashed, with the fiercest algorithmic warriors dominating the frontlines. The echoes of victory still reverberate. Now, the call to arms sounds once more!
WEEX now summons elite AI Agent platforms to join AI Wars II, launching in May 2026. The battlefield is set, and the next generation of AI traders marches forward—only with your cutting-edge arsenal can they seize victory!
Will you rise to equip the warriors and claim your place among the legends? Can your AI Agent technology dominate the battlefield? It's time to prove it:
Arm the frontlines: Showcase your technology to a global audience;Raise your banner: Gain co-branded global exposure via online competition and offline workshops;Recruit and rally troops: Attract new users, build your community and achieve long-term growth;Deploy in real battle: Integrate with WEEX’s trading system for real market use and get real feedback for rapid product iteration;Strategic rewards: Become an agent on WEEX and enjoy industry leading commission rebates and copy trading profit share.Join WEEX AI Wars II now to sound the charge!
Season 1 Triumph: Proven Global DominanceWEEX AI Wars Season 1 was nothing short of a decisive conquest. Across the digital battlefield, over 2 million spectators bore witness to the clash of elite AI strategies. Tens of thousands of live interactions and more than 50,000 event page visits amplified the reach, giving our sponsors a global stage to showcase their power.
Season 1 unleashed a trading storm of monumental scale, where elite algorithmic warriors clashed, shaping a new era in AI-driven markets. $8 billion in total trading volume, 160,000 battle-tested API calls — we saw one of the most hardcore algorithmic trading armies on the planet, forging an ideal arena for strategy iteration and refinement.
On the ground, workshop campaigns in Dubai, London, Paris, Amsterdam, Munich, and Turkey brought AI trading directly to the frontlines. Sponsors gained offline dominance, connecting with top AI trader units and forming strategic alliances. Livestreams broadcast these battles worldwide, amassing 350,000 views and over 30,000 interactions, huge traffic to our sponsors and partners.
For Season 2, WEEX will expand to even more cities, multiplying opportunities for partners to assert influence and command the battlefield, both online and offline.
Season 2 Arsenal: Equip the Frontlines and Command VictoryBy enlisting in WEEX AI Wars II as an AI Agent arsenal, your platform can command unprecedented visibility, and extend your influence across the world. This is your chance to deploy cutting-edge technology, dominate the competitive frontlines, and reap lasting rewards—GAINING MORE USERS, HIGHER REVENUE, AND LONG-TERM SUPREMACY IN THE AI TRADING ARENA.
Reach WEEX’s 8 million userbase and global crypto community. Unleash your potential on a global stage! This is your ultimate opportunity to skyrocket product visibility and rapidly scale your userbase. Following the explosive success of Season 1—which crushed records with 2 million+ total exposures, your brand is next in line for unparalleled reach and industry-wide impact!Test and showcase your AI Agent in real markets. Throw your AI Agents into the ultimate arena! Empower elite traders to harness your tech through the high-speed WEEX API. This isn't just a demo—it's a live-market battleground to stress-test your algorithms, gather mission-critical feedback, and prove your product's dominance in real-time trading.Gain extensive co-branded exposure and traffic support. Command the spotlight! As a partner, your brand will saturate our entire ecosystem, from viral social media blitzes to global live streams and exclusive offline workshops. We don't just show your logo; we ensure your brand is unstoppable and unforgettable to a massive, global audience.Enjoy industry leading rebates. Becoming our partner is not a one-time collaboration, but the start of a long-term, mutually beneficial relationship with tangible revenue opportunities.Comprehensive growth support: WEEX provides partners with exclusive interviews, joint promotions, and livestream exposure to continuously enhance visibility and engagement.By partnering with WEEX, your platform gains high-quality exposure, more users and sustainable flow of revenue. The Hackathon is more than a competition. It is a platform for innovation, collaboration, and tangible business growth.
Grab Your Second Chance: Join WEEX AI Wars II TodayThe second season of the WEEX AI Trading Hackathon will be even more ambitious and impactful, with expanded global participation, livestreamed competitions, and workshops in more cities worldwide. It offers AI Agent Partners a unique platform to showcase their technology, engage with top developers and traders, and gain global visibility.
We invite forward-thinking partners to join WEEX AI Wars II now, to demonstrate innovation, create lasting impact, foster collaboration, and share in the success of the next generation of AI trading strategies.
About WEEXFounded in 2018, WEEX has developed into a global crypto exchange with over 6.2 million users across more than 150 countries. The platform emphasizes security, liquidity, and usability, providing over 1,200 spot trading pairs and offering up to 400x leverage in crypto futures trading. In addition to the traditional spot and derivatives markets, WEEX is expanding rapidly in the AI era — delivering real-time AI news, empowering users with AI trading tools, and exploring innovative trade-to-earn models that make intelligent trading more accessible to everyone. Its 1,000 BTC Protection Fund further strengthens asset safety and transparency, while features such as copy trading and advanced trading tools allow users to follow professional traders and experience a more efficient, intelligent trading journey.
Follow WEEX on social mediaX: @WEEX_Official
Instagram: @WEEX Exchange
Tiktok: @weex_global
Youtube: @WEEX_Official
Discord: WEEX Community
Telegram: WeexGlobal Group

Nasdaq Enters Correction Territory | Rewire News Morning Brief

OpenAI loses to Thousnad-Question, unable to grow a checkout counter in the chatbox

One-Year Valuation Surged 140%, Who Is Signing the Check for Defense AI?

Bittensor vs. Virtuals: Two Distinct AI Flywheel Mechanisms

Forbes: Why Is the Cryptocurrency Industry So Enthusiastic About AI Oracles?

Ethereum Foundation publishes: Restructuring the division of labor between L1 and L2, jointly building the ultimate Ethereum ecosystem

