Summary
- Citibank said the sharp rise in Ethereum (ETH) daily transaction volume and the number of active addresses may be driven by an Address Poisoning scam.
- The report said a significant portion of recent new transactions consists of micro-transactions under $1, suggesting a scam pattern rather than an influx of ordinary users.
- Citibank said that as Ethereum transaction fees have fallen, attackers can carry out large-scale activity without major costs.
Citibank said Ethereum (ETH) has seen a sharp increase in daily transaction volume and the number of active addresses, but noted this may be the result of an Address Poisoning scam.
According to CoinDesk, a media outlet specializing in virtual assets (cryptocurrencies), Citibank said in a report on the 22nd (local time) that “a significant share of recent new transactions consists of micro-transactions under $1, which is closer to a scam pattern than an influx of ordinary users.”
It added that “as Ethereum transaction fees have fallen, attackers have been able to conduct large-scale activity without incurring significant costs.”
Previously, security researcher Andrey Sergeenkov presented a similar analysis.
Address poisoning is a scam technique that uses wallet addresses generated from vanity addresses to match the first and last characters of a user’s wallet address, then induces the user to transfer funds to that address.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
