The victim lost $50 million due to a transfer to a fake address.

The user lost $50 million due to an address poisoning attack.
The scammer created a wallet with the same starting and ending characters.
The victim copied a fake address from the transaction history and transferred the funds.
The user fell victim to an address poisoning attack ( and lost ) million in USDT stablecoins. This was reported by analysts from Lookonchain.

First, the user sent a test transaction of 50 USDT — after that, he copied the recipient's address from the transaction list in the wallet without checking it thoroughly.

After the test transfer, the scammer created a wallet whose address started and ended with the same characters as the real recipient's. Thus, when the user looked at the transaction history, the fake wallet appeared almost identical to the real one.

The interfaces of many wallets automatically hide the middle part of addresses to maintain compactness. This creates a risk where users, relying only on the beginning and end, mistakenly copy a fraudulent address, experts noted.

After the test transaction, the user executed the main transfer — and accidentally sent the entire amount to the fraudster's wallet.

Earlier, a hacker stole $50 million from the investor's multi-signature wallet.