Recently, a Reddit user with the name ‘seraf1990’ warned of a copy & paste cryptocurrency scam that modified a wallet address he copied from Coinbase with one belonging to scammers. Consistent with seraf1990, he lost about $350 worth of Bitcoin [BTC] – money that he added was for his rent for next month.
The post explains that seraf1990 was attempting to cash out some Bitcoin [BTC] by transferring it from Binance to his account on Coinbase. After copying the exchange’s Bitcoin wallet address, he pasted it into the acceptable field back on Binance & thereby completed the transaction “without any reconsideration.” It was later only when he realized that the address had somehow been swapped anonymously.
This type of attack is fairly common, apart from one crucial difference. When a bad actor swaps out your address for one among of their own, the 2 keys are usually completely different from each other, making the exploit reasonably easy to identify. In seraf1990’s case, however, the primary four digits of the 2 addresses were identical.
While stating this issue which was the very fact that Coinbase only displayed the primary few digits of the wallet on the user’s device.
Within the post, seraf1990 added that the device utilized in the transaction was a Windows-powered system. Some replies speculated that malware might be behind the cryptocurrency scam, though the tactic was never directly confirmed.