The post CZ touts Binance automatic checks in call to combat address poisoning attacks appeared on BitcoinEthereumNews.com. Changpeng Zhao, the founder of cryptocurrencyThe post CZ touts Binance automatic checks in call to combat address poisoning attacks appeared on BitcoinEthereumNews.com. Changpeng Zhao, the founder of cryptocurrency

CZ touts Binance automatic checks in call to combat address poisoning attacks

Changpeng Zhao, the founder of cryptocurrency exchange Binance, popularly known as CZ, has called for industry-wide action to eliminate address poisoning scams. CZ made the rallying call after a $50 million loss by a single trader a few days ago.

Writing on Wednesday, December 24, 2025, CZ outlined a blueprint for protecting cryptocurrency users from fraudulent transactions.

Binance already does what CZ is recommending, using automatic checks that warn users before they send funds to flagged addresses. CZ is urging other platforms to adopt similar safeguards.

“Our industry should be able to completely eradicate this type of poison attacks, and protect our users,” CZ wrote on Binance’s social platform. “All wallets should simply check if a receiving address is a ‘poison address’, and block the user.”

CZ challenges industry against poison address scams

The urgency behind CZ’s intervention goes back to a December 19 incident where a trader lost nearly $50 million in USDT stablecoins after copying a fraudulent address from their transaction history.

According to blockchain security firm Web3 Antivirus, the victim had withdrawn the funds from Binance less than an hour before the attack.

As reported by Cryptopolitan, the trader initially sent a test transaction of 50 USDT to verify the correct destination address. A few minutes later, they transferred $49,999,950 to what appeared to be the same recipient.

The actual destination, however, was a scammer-controlled address designed to match the first three and last four characters of the legitimate address.

Security researcher Cos, founder of SlowMist, noted that the malicious address 0xBaFF2F13638C04B10F8119760B2D2aE86b08f8b5 bore a deceptive resemblance to the intended destination 0xbaf4b1aF7E3B560d937DA0458514552B6495F8b5. Cos said that the subtlety is in the middle characters, which is enough to deceive even pros who rely on partial checks.

Within 30 minutes of receiving the stolen funds, the attacker converted the USDT to DAI via MetaMask Swap, then swapped it for roughly 16,690 ETH before depositing most of the cryptocurrency into Tornado Cash.

What are address poisoning scams?

Binance developed its detection algorithm in May 2024, following a separate $68 million address poisoning attack that saw the funds mysteriously returned after investigators traced the scammer’s Hong Kong-based IP addresses.

How does Binance’s system against address poisoning work? According to reports, Binance’s system identifies suspicious transfers with near-zero value or unknown tokens, pairing them with potential victim addresses, and time-stamping malicious transactions to determine the point of poisoning.

CZ’s proposal also called for wallets to ignore small-value spam transactions entirely in the interface that users see. Finally, he asked security alliances to maintain real-time blacklists that are accessible across different mediums and to all platforms.

Address poisoning has accounted for more than 10% of wallet drains in 2025, according to Web3 Antivirus and SlowMist.

The attack exploits a common user behavior, which is the fact that most people verify only the beginning and ending characters of their respective wallet addresses, rather than examining each digit when transferring cryptocurrency.

Speaking at the MIT Bitcoin Expo in April, Jameson Lopp, chief security officer at Bitcoin custody firm Casa, attributed the current proliferation to low transaction fees, which make it economical for scammers to send thousands of fake transactions.

The December incident contributes to what has been a record year for cryptocurrency theft. With a few days left in the year, Chainalysis’ recent crypto crime report shows that over $3.4 billion has been stolen, with North Korea hackers accounting for over $2 billion of those thefts.

The smartest crypto minds already read our newsletter. Want in? Join them.

Source: https://www.cryptopolitan.com/cz-call-to-combat-address-poisoning/

Market Opportunity
Suilend Logo
Suilend Price(SEND)
$0.2139
$0.2139$0.2139
+0.04%
USD
Suilend (SEND) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact [email protected] for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

Fed forecasts only one rate cut in 2026, a more conservative outlook than expected

Fed forecasts only one rate cut in 2026, a more conservative outlook than expected

The post Fed forecasts only one rate cut in 2026, a more conservative outlook than expected appeared on BitcoinEthereumNews.com. Federal Reserve Chairman Jerome Powell talks to reporters following the regular Federal Open Market Committee meetings at the Fed on July 30, 2025 in Washington, DC. Chip Somodevilla | Getty Images The Federal Reserve is projecting only one rate cut in 2026, fewer than expected, according to its median projection. The central bank’s so-called dot plot, which shows 19 individual members’ expectations anonymously, indicated a median estimate of 3.4% for the federal funds rate at the end of 2026. That compares to a median estimate of 3.6% for the end of this year following two expected cuts on top of Wednesday’s reduction. A single quarter-point reduction next year is significantly more conservative than current market pricing. Traders are currently pricing in at two to three more rate cuts next year, according to the CME Group’s FedWatch tool, updated shortly after the decision. The gauge uses prices on 30-day fed funds futures contracts to determine market-implied odds for rate moves. Here are the Fed’s latest targets from 19 FOMC members, both voters and nonvoters: Zoom In IconArrows pointing outwards The forecasts, however, showed a large difference of opinion with two voting members seeing as many as four cuts. Three officials penciled in three rate reductions next year. “Next year’s dot plot is a mosaic of different perspectives and is an accurate reflection of a confusing economic outlook, muddied by labor supply shifts, data measurement concerns, and government policy upheaval and uncertainty,” said Seema Shah, chief global strategist at Principal Asset Management. The central bank has two policy meetings left for the year, one in October and one in December. Economic projections from the Fed saw slightly faster economic growth in 2026 than was projected in June, while the outlook for inflation was updated modestly higher for next year. There’s a lot of uncertainty…
Share
BitcoinEthereumNews2025/09/18 02:59
BetFury is at SBC Summit Lisbon 2025: Affiliate Growth in Focus

BetFury is at SBC Summit Lisbon 2025: Affiliate Growth in Focus

The post BetFury is at SBC Summit Lisbon 2025: Affiliate Growth in Focus appeared on BitcoinEthereumNews.com. Press Releases are sponsored content and not a part of Finbold’s editorial content. For a full disclaimer, please . Crypto assets/products can be highly risky. Never invest unless you’re prepared to lose all the money you invest. Curacao, Curacao, September 17th, 2025, Chainwire BetFury steps onto the stage of SBC Summit Lisbon 2025 — one of the key gatherings in the iGaming calendar. From 16 to 18 September, the platform showcases its brand strength, deepens affiliate connections, and outlines its plans for global expansion. BetFury continues to play a role in the evolving crypto and iGaming partnership landscape. BetFury’s Participation at SBC Summit The SBC Summit gathers over 25,000 delegates, including 6,000+ affiliates — the largest concentration of affiliate professionals in iGaming. For BetFury, this isn’t just visibility, it’s a strategic chance to present its Affiliate Program to the right audience. Face-to-face meetings, dedicated networking zones, and affiliate-focused sessions make Lisbon the ideal ground to build new partnerships and strengthen existing ones. BetFury Meets Affiliate Leaders at its Massive Stand BetFury arrives at the summit with a massive stand placed right in the center of the Affiliate zone. Designed as a true meeting hub, the stand combines large LED screens, a sleek interior, and the best coffee at the event — but its core mission goes far beyond style. Here, BetFury’s team welcomes partners and affiliates to discuss tailored collaborations, explore growth opportunities across multiple GEOs, and expand its global Affiliate Program. To make the experience even more engaging, the stand also hosts: Affiliate Lottery — a branded drum filled with exclusive offers and personalized deals for affiliates. Merch Kits — premium giveaways to boost brand recognition and leave visitors with a lasting conference memory. Besides, at SBC Summit Lisbon, attendees have a chance to meet the BetFury team along…
Share
BitcoinEthereumNews2025/09/18 01:20
The most profitable crypto narratives of 2025: RWA and Layer 1 lead the pack, AI and Meme experience significant pullbacks, GameFi and DePIN lead the declines.

The most profitable crypto narratives of 2025: RWA and Layer 1 lead the pack, AI and Meme experience significant pullbacks, GameFi and DePIN lead the declines.

PANews reported on December 25th that, according to CoinGecko statistics, the strongest performing crypto narrative in 2025 was RWA (Real-World Assets), with an
Share
PANews2025/12/25 11:05