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‘Copy and paste’ error causes cryptocurrency trader to lose $3 million in seconds
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Amid the complexities of the cryptocurrency trading market, many things are out of the control of cryptocurrency traders. One of them is the possibility of attacks, including one that involves fake address fraud.
However, in some cases, even controllable things go out of control, causing huge losses for cryptocurrency investors. This was the case of an investor who lost US$3.08 million in just a few seconds through a scam known as “copy and paste”.
This scam occurred after the trader made a mistake during a transaction. When trying to send cryptocurrencies to an address, the trader fell for the scam by copying a fake address and not verifying it before sending. In other words, a scam that involved the action of hackers combined with the victim’s lack of attention.
According to Lookonchain, the trader lost $3.08 million worth of cryptocurrencies after mistakenly pasting the wrong wallet address. This transaction took place with PYTH, a token on the Pyth Nertwork blockchain.
‘Copy and paste’ cryptocurrency address error
As a result, he lost millions from this simple and common cryptocurrency trading mistake. Reportedly, the trader wanted to send the equivalent of 7 million PYTH tokens to one address. To do this, the investor copied the recipient’s wallet data and pasted it into his wallet, sending the tokens.
However, the victim apparently did not check the address before sending and, instead of the correct destination wallet, copied an address provided by a hacker. With that, he sent the cryptocurrencies to the scammer’s wallet – the value was equivalent to US$3.08 million.
This is one of many cases where someone lost millions of dollars due to negligence. Another similar case involves a trader who lost $25 million in wallet error by sending Renzo Restaked ETH to the secure module instead of Renzo’s secure wallet.
Although the cryptocurrency trader made the copy-paste mistake, a cryptocurrency scammer was also involved.
Lookonchain stated that the scammer created a wallet address with the same first four characters as the correct deposit address to trick the individual. He then sent 0.000001 SOL to the victim, creating a record in the transaction history.
This measure is common and serves to leave the fraudulent address “saved” in the victim’s wallet. This makes it easier to trick her into sending amounts to the fake wallet. This ended up leading the trader to confusion over his portfolio, a loss that cost millions of dollars.
‘Copy and paste’ error causes cryptocurrency trader to lose $3 million in seconds
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‘Copy and paste’ error causes cryptocurrency trader to lose $3 million in seconds
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‘Copy and paste’ error causes cryptocurrency trader to lose $3 million in seconds
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‘Copy and paste’ error causes cryptocurrency trader to lose $3 million in seconds
