Binance Co-Founder Pushes Industry Blacklist to Stop Address Poisoning Scams
Binance co-founder Changpeng Zhao urges wallets and platforms to adopt blacklist systems to block address poisoning scams and protect users.
Address poisoning scams returned to focus after a massive USDT loss. Consequently, Binance co-founder Changpeng Zhao urged industry-wide security upgrades. He suggested wallet warnings, shared blacklists and interface improvements. The call for appeal came after an incident in December, where one user lost almost fifty million dollars. Zhao said such attacks can be completely avoided with concerted action.
CZ Calls for Unified Wallet Defenses Against Crypto Phishing
Zhao wrote about his proposal in a December twenty-four Binance Square post. He said wallets should be able to automatically detect known poison addresses. Furthermore, suspicious addresses must trigger immediate transaction blocks. According to Zhao, this check can only be done with a simple check on a blockchain.
Zhao encouraged industry security alliances to have real-time blacklists. These lists would include confirmed malicious wallet addresses. Platforms could then screen transactions before they are finally settled. As a consequence, users would be consistently protected from various services.
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User interface improvements were also stressed by Zhao. Wallets should not show histories of dust transactions. These tiny transfers tend to confuse users, and allow for scams to occur. Cleaner interfaces would help to minimize copying errors during future transactions.
Poisoning of an address is also a growing means of phishing. Scammers push small amounts of money to the wallets of victims. These addresses are also very similar to legitimate addresses that are already being used by victims. Users later copy wrong address from transaction history. Funds then transfer permanently to wallets under the control of an attacker.
Scam Sniffer data makes it clear how significant the threat is. In November, phishing scams victimized six thousand three hundred forty-four victims. Total losses came to over seven point seven million dollars. Analysts are predicting huge losses in December.
That surge follows one high-profile theft. One of the victims lost nearly fifty million USDT. The case heightened demands for greater protection for wallets. Zhao said the incident could have been avoided with proper safeguards.
Industry Collaboration Seen as Key to Preventing Future Losses
Zhao emphasized that Binance already uses several protections on its internal level. Its wallet systems automatically flag addresses that do not look good. Users are warned when addresses look visually similar to one another. However, isolated solutions are still not good enough, Zhao said.
He argued that address poisoning can only be eradicated through collaboration. Shared intelligence would enable a quicker identification of malicious patterns. Moreover, unified standards would mean that attackers would not be able to exploit weaker platforms. Zhao presented this as a collective responsibility.
Zhao continued to advocate reforms. He revealed fighting a high fever during the discussions. Nevertheless, he said user protection was a priority. According to him, such scams should not continue to exist.
The larger crypto industry has growing trust issues. Retail adoption relies so much on perceived safety. High-value scams hurt confidence and invite regulatory attention. Therefore, preventive security measures have a systemic significance.
Experts say blacklist systems are technically feasible. Blockchain transparency makes it possible to quickly identify repeat offenders. Combined with wallet-level filters, risks can be reduced dramatically. Education alone is not enough if there is no technical enforcement.
Ultimately, industry alignment might be the determinant of success. Coordinated action would be protective for users and lessen reputational damage. Zhao’s call points to a time of collective security leadership.
The post Binance Co-Founder Pushes Industry Blacklist to Stop Address Poisoning Scams appeared first on Live Bitcoin News.
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