According to a report by Cointelegraph, the security experts at the cryptocurrency exchange Binance have developed an “antidote” to tackle the growing problem of address poisoning scams, which deceive investors into sending funds to fake addresses.
According to a report shared with Cointelegraph, the security team at Binance has developed an algorithm that can detect millions of poisoned cryptocurrency addresses. The report states:
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The new algorithm from Binance detects fake addresses by first identifying suspicious transactions, such as those with near-zero value or unknown tokens. It then matches them with potential victim addresses and timestamps malicious transactions to identify potential points of poisoning.
According to the report, these fake addresses are registered in the database of HashDit, a Web3 security company collaborating with Binance. This will help protect the wider cryptocurrency industry from poisoning scams.
The algorithm also assists in marking fake addresses on HashDit’s user-facing products, web browser extensions, and MetaMask Snaps.
