The post Binance Battles Address Poisoning Scams with New Algorithm appeared first on Coinpedia Fintech News
In response to the rising threat of address poisoning scams, Binance has launched a new algorithm to fight them. This smart solution detects fake addresses and warns users before they get scammed. Let’s see what it means and how it works.
Understanding the Scam
Using advanced security mechanisms, Binance has recognized millions of fake addresses across BNB Smart Chain and Ethereum, stopping real-time threats. The program timestamps malicious behavior by examining suspicious transactions and connecting them with possible victim addresses, revealing address-poisoning origins.
Binance believes that impersonating a valid Ethereum address like 0x19x30f…62657 can be done by using a similar-looking 0x19x30t…72657, which differs in the middle but retains the first and last few characters
Binance’s Initiative to Save Users
To mitigate the losses, Binance quickly re
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