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The ECF calls for an end to the practice of truncating addresses with dots. All screens can display full addresses. Hiding the middle creates avoidable risk. Wallets and block explorers continue to ship UI choices that actively undermine user safety. This is solvable.
Dec 20, 10:15
A victim (0xcB80) lost $50M due to a copy-paste address mistake.
Before transferring 50M $USDT, the victim sent 50 $USDT as a test to his own address 0xbaf4b1aF...B6495F8b5.
The scammer immediately spoofed a wallet with the same first and last 4 characters and performed an address poisoning attack.
Since many wallets hide the middle part of the address with "..." to make the UI look better.
Many users often copy the address from transaction histories, and usually only check the starting and ending letters.
This victim likes to do the same.
When transferring the remaining 49,999,950 $USDT, the victim copied the fake address from his transaction history.
As a result, 49,999,950 $USDT was sent straight to the scammer.
A painful lesson!
Always double-check the address before making a transfer.
Don't copy addresses from your transaction history for convenience.
Source:
130
For those of you in the back, here's the quiet part out loud:
SWIFT is how banks talk to each other about moving money. Not a bank itself. The infrastructure underneath:
"Payment X coming from Bank A to Bank B. Here's the routing info."
11,500 institutions. 200+ countries. $150 trillion/year in payments.
In terms of financial infrastructure, it doesn't get bigger than this.
And now, they're working with Consensys to build on Ethereum.
This is the same week that JPMorgan (the world's most valuable bank) launched their first money market fund on Ethereum.
The largest bank, and the largest infrastructure connecting all banks. Both Ethereum.
This is the most significant week for Ethereum adoption in traditional finance in history.
Dec 19, 21:03
We’re already making progress with our plans to add a blockchain-based ledger to our infrastructure, working with a global group of 30+ banks globally to shape the ledger’s design.
“In order to unlock that benefit of scale, we need to work together,” said Thierry Chilosi, our Chief Business Officer, speaking on Sibos TV, alongside Michael Spiegl from Standard Chartered.
Want to learn more?
#SwiftCommunity #Blockchain #Ledger
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