The security firm Cyvers reported that an unknown trader lost over $68 million worth of Wrapped Bitcoin (WBTC) in a sophisticated address-poisoning scam.

The scam drained the victim's wallet of more than 97% of its assets, leaving behind only $13.56 worth of ETH.

The Perils of Address Poisoning Address poisoning, also known as address spoofing, has become prevalent among scammers. This technique has claimed numerous victims, including a case in October 2023 when a hacker stole $1.2 million worth of ARB tokens.

Despite the prevalence of scams and hacks in crypto, the on-chain intelligence firm CertiK reported that in April, crypto losses to scams decreased, as only $25.7 million were stolen. That amount is the lowest monthly figure since 2021, Certik added.

The intelligence firm attributed the reduction to a decrease in private key compromises, signaling improved security practices and awareness within the community.

"Total losses from exploits and scams fell 141% from the previous month, mainly attributed to a lack of private key compromises."

However, CertiK reported over $502 million of digital assets stolen during the first quarter of 2024, resulting from 223 hacks and exploits.

The $68 million WBTC scam demonstrates that scammers continue to evolve, meaning more security improvements and community awareness are required.