Solana Wallets Targeted by Address Poisoning Scam

Overview of the Scam

A recent study by Bitquery found that nearly 4.5 million Solana wallets were targeted by a scammer using address poisoning techniques over 11 months. The scammer used a technique where a tiny incoming transfer puts the sender's lookalike address near a legitimate payment, making it easy for users to send money to the wrong recipient.

How the Scam Works

The scammer sends a small test transfer to the wallet, which is then followed by a larger payment to the same address. This makes it seem like the address is legitimate, but it's actually a lookalike address created by the scammer.

Consequences of the Scam

The study found that some wallets received a $10 test transfer before sending $30,750 to the wrong address. This means that even a small test transfer can lead to a large payment being sent to the wrong recipient.

Prevention and Recovery

Phantom, a popular wallet provider, advises users to avoid addresses copied from transaction history and to verify the address before sending. It also recommends checking the transaction status on an explorer before sending a payment.

Conclusion

The address poisoning scam is a serious threat to Solana users, and it's essential to take precautions to prevent it. By verifying addresses and checking transaction status, users can reduce the risk of falling victim to this scam.