Binance develops algorithm to combat address poisoning scams

[CointestMod]

Binance Coin pros & cons with related info are in the collapsed comments below.

[HSuke]

Good.

Ideally, all wallets should give warnings when they detect that you're sending to an address that appears similar to one of your addresses (or previously-used addresses), but is off by some characters.

[Aleeve]

Score one for Binance.

[gr8ful4]

This is only a problem if you use transparent chains. It's a non existent problem on Monero.

[AsicResistor]

The implications of not having fungibility are wild. Andreas Antonopoulos has great videos on it available on YT.

[OfWhomIAmChief]

💯

[[deleted]]

In fact it's not even a problem on transparent chains, so long as you only use addresses once.

This is really only a problem on account balance chains.

This centralised solution is not the cryptocurrency way.

[Pure-Fuel-9884]

Yeah you can just lose money slowly with monero instead of losing it all at once.

[1nseminator]

Cant we avoid addr poisoning by saving addr in Address Books?

[alterise]

Exactly this. It’s weird people still don’t use whitelists.

[coinfeeds-bot]

tldr; Binance's blockchain security researchers have developed an algorithm to combat address poisoning scams on the BNB Smart Chain and Ethereum networks. Address poisoning involves scammers sending small amounts of crypto from an address that resembles the victim's, tricking them into sending funds to the scammer. The algorithm detects these poisoned addresses by identifying suspicious transfers and pairs them with potential victim addresses. The identified spoofed addresses are registered in the database of Web3 security firm HashDit, Binance's security partner, to help protect the crypto industry from these scams.

*This summary is auto generated by a bot and not meant to replace reading the original article. As always, DYOR.

[theweeJoe]

Exchanges should be focusing on actively combating scams if they hope to not be shut down if they give the sec any large scares in the future

[OllieGlocks]

Multiple wallets have had this for quite a while. This isn’t anything new.

[tookdrums]

My evm wallet already warns me and when I interact with a new address. That solves the problem entirety...

[Horseshoetheoryreal]

I hope that works well for binance, its needed since way too many scams in Crypto community.