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Trust Wallet Launches Scam Protection to Combat Address Poisoning Attacks

Highlights:

  • Trust Wallet introduces address poisoning protection to prevent scams.
  • Over 225 million address poisoning attacks have been recorded.
  • Trust Wallet’s new feature blocks scam addresses in real time.

The multi-chain crypto wallet provider Trust Wallet has introduced a new security feature that prevents users from address poisoning. This feature will automatically identify destination addresses to avoid sending funds to fake wallets that resemble genuine wallets. 

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The feature is currently available across 32 Ethereum Virtual Machine (EVM) chains, with more to be added in the future. Address poisoning occurs when scammers send small transactions using fake addresses, hoping that users will copy them to their history.

Trust Wallet Enhances Security with Real-Time Scam Detection

Trust Wallet seeks to curb the growing issue of address poisoning. This form of phishing has emerged as one of the fastest-growing threats in crypto. The new security option automatically scans destination addresses in real time, protecting users prior to the transmission of any funds.

Address poisoning is where the attacker sends small quantities of cryptocurrency using an address that resembles known wallet addresses. These lookalike addresses are usually difficult to detect, so users easily send money to the fraudsters. Over $500 billion has been lost under this deception, with over 225 million attacks reported globally.

Trust Wallet has also integrated combined intelligence with HashDit and Binance security to combat this. This collaboration offers a list of reported scam and lookalike addresses. Trust Wallet conducts a background check on users whenever they copy or enter a destination address and compares it to this database.

How Address Poisoning Protection Works

The protection runs seamlessly in the background with no need for human intervention. Trust Wallet detects an address and compares it with the security database as soon as it is entered or pasted in by the user. In case a suspicious address is flagged, the user is warned before proceeding.

This warning also contains a comparison of the side-by-side of the legitimate and suspicious addresses. By so doing, the users can easily view where the addresses differ and select either to abandon the transaction or proceed with caution. This real-time monitoring makes the users aware of the possible threats before sending funds, thus offering them added protection.

Benefits and Importance of Self-Custody

The new feature emphasizes the significance of having self-custody in the cryptocurrency sector. Trust Wallet guarantees its users complete control over their assets, which will protect them against phishing and scams. Moreover, self-custody comes with an obligation to protect funds. The security commitment by Trust Wallet is a continuation of past efforts. This involves a risk tool, which raised an alert over malicious dApps, phishing contracts, and suspicious token approvals.

Meanwhile, crypto scams have become a multi-billion-dollar business, with millions of dollars lost annually. Last year, more than $17 billion was lost to crypto scams, and one of the most common methods was the poisoning of addresses.

Moreover, the additional protection in Trust Wallet follows the unfortunate hack in December that resulted in losses among users. This breach attracted major players in the industry, such as Binance co-founder Changpeng Zhao.

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