Altcoin Investor Learned a Painful Lesson: Sent 3 Million Dollars - Coin Bulletin

Neglecting address verification in cryptocurrency transactions can lead to significant losses. In a case shared by Lookonchain, a user sent 7 million PYTH tokens worth $3.08 million to the wrong wallet address.

The incident began with a trap set up by the scammer. The scammer created a fake address that had the same first 4 characters as the correct wallet address. Then they sent 0.000001 SOL to the victim through this address. This operation made the scammer's fake address appear in the victim's transaction history.

The victim, thinking that this address he saw in the transaction history is correct, copied it without performing any verification and sent the token worth 3.08 million dollars to this fake address.

Lookonchain issued the following warning about the incident:

"Be sure to double-check the address before making a transfer! Don't copy addresses from transaction history for convenience!"

Painful lesson

This incident once again shows how much careless and negligence can lead to significant costs. It is vital to verify the correct address in cryptocurrency transfers. Users especially need to pay attention to the entire address, not just the first few characters.

Such a huge loss in the crypto world was a painful reminder of how critical security and caution are.