Cybersecurity experts of the largest cryptocurrency exchange Binance have developed an algorithm that allows you to determine the addresses used in fraud with so-called spam transactions. The identified accounts are included in the Web3 partner company's HashDit database.
The algorithm was used to identify 13.4 million such accounts in BNB Chain and 1.68 million in Ethereum.
"We have developed a method for identifying infected addresses, which helps warn users before they send funds to fraudsters," Binance specialists assured.
The essence of spam transactions is that insignificant or almost zero amounts in cryptocurrency are sent to the victim's wallet from addresses that differ by several characters from the addresses from which the victim regularly makes transfers (for example, the usual exchange address for depositing funds or a second wallet). Due to carelessness, the victim copies the address from which the transfer came from the attackers, and uses it to send funds.
Binance's algorithm detects fake addresses by first detecting suspicious transfers, such as transactions with almost zero value or with low-value tokens. The tool then matches them with the addresses of potential victims, which makes it possible to detect the wallets targeted by the attackers.
Cryptocurrency services like Trust Wallet use the company's Web3 HashDit software interface to warn customers if they are going to transfer funds to a fake address.
Binance cybersecurity experts began developing the algorithm after a trader lost 1,155. 2 WBTC worth $68 million a few weeks ago. The attacker used spam transactions to trick the victim into sending funds to another address.
The algorithm was used to identify 13.4 million such accounts in BNB Chain and 1.68 million in Ethereum.
"We have developed a method for identifying infected addresses, which helps warn users before they send funds to fraudsters," Binance specialists assured.
The essence of spam transactions is that insignificant or almost zero amounts in cryptocurrency are sent to the victim's wallet from addresses that differ by several characters from the addresses from which the victim regularly makes transfers (for example, the usual exchange address for depositing funds or a second wallet). Due to carelessness, the victim copies the address from which the transfer came from the attackers, and uses it to send funds.
Binance's algorithm detects fake addresses by first detecting suspicious transfers, such as transactions with almost zero value or with low-value tokens. The tool then matches them with the addresses of potential victims, which makes it possible to detect the wallets targeted by the attackers.
Cryptocurrency services like Trust Wallet use the company's Web3 HashDit software interface to warn customers if they are going to transfer funds to a fake address.
Binance cybersecurity experts began developing the algorithm after a trader lost 1,155. 2 WBTC worth $68 million a few weeks ago. The attacker used spam transactions to trick the victim into sending funds to another address.
