Crypto Scam: Victim Falls Prey to a Scammer and Loses $3.08M

A yet another Crypto Scam: Wrong Wallet Address Chosen

Crypto Market: No Place for Careless Transactions

The crypto market is everywhere, so is the reach of scammers.

The market seems to be only getting more attention with time, raising the number of its investors. It has become an important part of people’s daily lives, who look forward to gaining insights to enhance their monetary gains.

However, you need to be extremely careful while you play your game. One of the major setbacks of making mistakes here is that the transactions you make in the cryptocurrency market are not reversible, making it possible for you to undergo huge losses for the reason being nothing else than a foolish mistake.

Such incidents are not uncommon.

What the Matter is?

We are talking of a recent crypto scam, where a crypto trader transferred 7M PYTH tokens worth $3.08M to a wrong deposit address. This individual relied on copy-pasting an address whose first four characters seemed similar to the required wallet address. He wasn’t aware of the scammer’s act of creating a wallet address with the same first four characters. To ensure a successful theft, the scammer also sent 0.000001 SOL to the victim so as to create a transaction history for the victim to fall prey to.

The news of this crypto scam came to light after a post on X by Lookonchain.

Crypto Market’s Seemingly High Potential Attracting Investors

The market is making headlines these days for being bullish and attracting more and more investments from traders who aim to make good money. One reason for this is the Bitcoin price aiming to reach $100k.

Not a Very First Scam

As said, scams are quite common here. There’s been a bigger scam earlier where a person lost $25 million in a wallet error. The trader ended up sending the Renzo Restaked ETH to the safe module which was actually aimed to be sent to Renzo’s safe wallet.

Lessons to Learn

There are lessons to be learnt from these scams. Specific to the above-mentioned crypto scam is the teaching that do not choose to copy-paste data for the sake of comfort because you are making irreversible money transfers. Rest, it is always important to remain alert and aware of the working of the market. You should keep yourself updated with the related news and the important latest affairs to maximize profits and avoid unnecessary losses.