ADDRESS POISONING IN CRYPTOCURRENCY

Hello to everyone in this great community today and on this wonderful platform at large. I greet you all in good spirit and I want to believe that we all are doing just great today and if so we give God the praise for the sustainability of life and sound health.

Today I welcome you all to yet another day on this platform and I want to believe that you all are having a good time at work or wherever you all may be individually, and I hope this week is already going well for you all.

I am here once again amidst you all to discuss another important topic regarding the digital currency wallet. Today's topic is themed Address poisoning. I know that a lot of you may be wondering what this topic is all about, but no too worry for I will do justice to the topic above.

As such, I urge you all to sit tight and relax while I begin the teaching for the day. I wish you all a happy reading as I begin.

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The digital currency Blockchain is indeed one of it kind that possess various features. One unique feature of the digital currency is that it possesses it own wallet addresses where digital currency are stored and this allows for the performance of crypto transactions which comprises of sending and receiving digital currencies as well as authorizing certain transactions that are related or connected to your wallet address.

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Just as I have said in one of my articles, The digital wallet is just like a safe house or commercial bank that keeps our assets safe.

The difference is that, in commercial banks, they dictate what you do with your funds and they have rules and regulations governing your assets hence this involves a third party but the digital currency wallet is decentralised and you alone have the power over what you do with your assets and this is why they say, Not your password, not your crypto.

Having the password to your wallet gives you the power over your wallet and the assets on it but lossing your wallet password signifies that you have lost your crypto.

Now having discussed the term Wallet in brief, it is high time that we move onto the business of the day therefore we will be talking intensively about the topic of today.

ADDRESS POISONING

The act called address poisoning is an illegal activity that is mostly carried out by scammers who are out there to steal from individual through the act of creating a wallet address that is fake but looks so real and legit. After creating these wallets addresses that are fake, they immediately fund your wallet with little amount of money or even send you assets that are not real. This assets eventually gets into your account after the transaction is carried out.

THE PURPOSE OF ADDRESS POISONING

The reason why these individuals send or fund your account with either fake digital currency assets or small amounts of money is to scam you the moment you make use of the address that was used to send the little amount of assets or fake crypto assets.

After they send the fake assets to you, they equally have faith that you may like make use of the address much later when performing transactions in the future. They believe some crypto enthusiast are golible enough to believe the wallet address is a real one since some amount of money was transferred using the fake wallet address. After which they eventually get scammed whenever they make use of such wallet in future.

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Such fake addresses are mostly seen on the Ethereum network and on the Bitcoin network because these two are considered to be the most relevant and are often used by crypto enthusiast to perform transactions on a regular and with that, scammers do not mind sending some amount of crypto assets to real wallet using their fake addresses because they know that some individuals on the space can be deceived especially newbies and this is their target.

HOW TO PROTECT YOURSELF FROM SUCH ACT

The first and foremost thing that any crypto enthusiast is expected to do in such situation, is checkemate the wallet and make sure that it is a real wallet. Always confirm the wallet you want to make payment to or perform any transaction on as though it is very paramount in other not to fall a victim of scammers activity.

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CONCLUSION

Address poisoning is another way of stealing assets from crypto enthusiasts by using fake addresses to send crypto assets in small amounts or by funding their wallets with fake digital assets with the hope of them making use of the address in future.

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To protect yourself from this fraud, it is paramount that you crosscheck the wallets you tend to send digital currency to in other to confirm that it is real and legit before sending the assets to the respective addresses.

Thank you so much for taking your time to read my article. I look forward to seeing you all when next I am here but for now, I say goodbye.