A cryptocurrency user lost nearly $50 million in an address poisoning scam after copying a fraudulent address, according to blockchain security firm Web3 Antivirus. The incident occurred when the user initially sent a small test transaction to the intended address, but minutes later transferred 49,999,950 units of a stablecoin to a poisoned address copied from transaction history. Address poisoning scammers plant look-alike wallet addresses that closely resemble the intended recipient, often differing by only a few characters, and the scam exploits copy-paste behavior rather than technical vulnerabilities.
The victim’s wallet had been active for about two years and was primarily used for stablecoin transactions; the funds were withdrawn from Binance shortly before the poisoned transfer occurred. Crypto-related hacks have increased in 2025, resulting in billions of dollars in losses, according to industry data. In response, Senators Elissa Slotkin and Jerry Moran introduced the bipartisan SAFE Crypto Act, which would establish a federal task force to strengthen enforcement, improve interagency coordination, and address cryptocurrency fraud.
The SAFE Crypto Act, officially titled the Strengthening Agency Frameworks for Enforcement of Cryptocurrency Act, seeks to establish a federal task force dedicated to identifying, monitoring, and preventing cryptocurrency-related scams, with participation from digital asset service providers, stablecoin issuers, custodians, blockchain intelligence firms, consumer protection groups, and victims’ advocacy organizations. The task force would analyze trends across cryptocurrency fraud, focusing on Ponzi schemes, rug pulls, fraudulent token offerings, money laundering, and financial grooming scams. Security specialists recommend verifying addresses through multiple sources, using hardware wallets for large transfers, and employing on-chain monitoring tools to detect suspicious activity before sending significant funds.
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