Legacy Suite, a developer of digital asset management solutions, is warning crypto and Ledger users about a new cyberattack called “Address Poisoning” that can lead to stolen funds. Scammers are using this attack by sending a small amount of cryptocurrency, such as USDT, MATIC, TRX, or NFT, to an account, imitating a transaction from the user’s transaction history. The goal is to trick users into sending funds to the scammer’s account by mistake.
Address poisoning is a type of cyber-attack in which an attacker modifies the legitimate address of a cryptocurrency wallet with their own address. This allows them to redirect any funds sent to the wallet to their own account. To protect against this attack, Legacy Suite recommends checking every single character in a wallet address before making any transactions.
The scammers create a custom address that looks similar to the owner’s address, usually by including the same first and last characters. They then send a small amount of currency via the dummy wallet, which poisons the user’s transaction history.
Legacy Suite offers several suggestions for safeguarding against address poisoning, including not copying and pasting wallet addresses from transaction history and manually checking the address for an exact match. Using the wallet’s contact book to manage frequently used addresses and being cautious of anyone sending tiny amounts of cryptocurrency are also recommended. Additionally, users should double-check transaction details on their Ledger device.
To further protect cryptocurrency wallets, Legacy Suite provides a wallet monitoring service that constantly monitors wallet activities in real time. If any unauthorized changes occur, the owner is immediately notified, allowing for prompt action to prevent unauthorized access to funds. Legacy Suite also offers an emergency backup wallet service called Lifeline, which provides a secure backup of a cryptocurrency wallet. This allows users to quickly transfer funds to another wallet in the event of a compromise, protecting against loss or theft.
Legacy Suite’s wallet protection services offer an additional layer of security for cryptocurrency wallets, safeguarding against fraud and other cyberattacks.