New Wallet Scam ‘Address Poisoning’: Warns Metamask 

• MetaMask issued a warning regarding a crypto wallet scam.
• Users are sent $0 worth of tokens to poison.
• Team advice using address books and checking every digit. 

Wherever there’s finance involved, there ought to be a possibility for a scam. With the advent of the digital age and transactions and digital currency, con artists have upgraded their game. Team MetaMask has warned about a new crypto wallet address scam called ‘address poisoning.’

This scam takes advantage of carelessness on the part of crypto wallet users. The phrase prevention is better than cure, proves right here also, as the only cure is to be vigilant. 

Digital wallet provider MetaMask has warned crypto users regarding the ongoing “address poisoning scam,” as the name suggests, attackers poison the transaction histories by sending tokens worth $0 to victims’ wallets. 

The addresses from which these tokens were sent will be generated using vanity address generators; the important thing to note here is, that the new address will match the first few and last few characters of the victim. 

Generally, users refer to the first and last few digits for confirmation; in this case, as those are similar, the user sends to someone else or says to this copycat wallet address. 

Even if your wallet is flooded with these poisoned addresses, it does not allow them to access it. Only the users who have developed the habit of copying the address from transaction history could be in trouble. 

Due to this reason, MetaMask has warned users to always double-check the transactions before sending. Moreover, if the user checks every digit beforehand, such attempts would not be fruitful. 

The firm also recommended stopping copying addresses from transaction histories and using dedicated address books to send digital assets.

As previously stated, Prevention is better than cure, and there are many preventive measures that, if applied properly, could save from being conned. 

Using Cold Wallets

Instead of keeping your asset in a hot wallet on an exchange or a pool, it is advisable to keep a major portion in an encrypted cold wallet. This will eliminate the possibility of online con, as the user now holds custody. Plus, the hassle of using them, meaning connecting them to a system to access them, will greatly benefit accidental plugging, thus saving it from such acts. 

Don’t keep all eggs in one basket.

Keeping all your valuables in one place will surely grab unwanted attention, so distribute your assets into multiple wallets per your need. Then even if one wallet is hacked, you’ll have rest to lean on.

Address book

Although it is easier to copy an address from transaction history, it is still advised to keep a separate dedicated address book; this way, accidentally copying the wrong address will be avoided. 

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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