Sui Name Service (SuiNS) enables blockchain users to register human-readable web3 names, ensuring secure, seamless transactions and a user-friendly on-chain identity.

Some people have no trouble remembering new cell phone numbers, and there are even a select few among us who wouldn't find it hard to memorize a 16-digit bank card number. However, very few people would choose to tackle the job of reliably recalling an alphanumeric blockchain address. Network addresses on 

 (ETH) are 42 characters long, while on the 

 (SUI) blockchain they span 66. These complex and length addresses are virtually impossible for most users to remember, and are among the least user-friendly features of 

 networks. Not only are long blockchain addresses distinctly user-unfriendly, but they also lead to many instances of wrongly executed transactions due to incorrectly input characters. 

Sui Name Service (NS), a solution on the Sui blockchain, has been specifically designed to tackle this problem. The service allows users to create human-readable and easy-to-remember web3 names linked to their underlying blockchain addresses. Using SuiNS, you can transact within web3 using your preferred username and, optionally, an avatar, rather than a long, complex blockchain address.

 (NS), or simply SuiNS, is a decentralized naming service that allows you to create and use a human-readable, user-friendly web3 handle to interact with the blockchain environment, instead of using a typical long and complicated network address. 

At the underlying level, your SuiNS name is linked to your blockchain address, but all the interaction and operations on the chain happen via your registered name.

SuiNS was first conceptualized and launched in 2022, inspired by the popular 

 (ENS). In many ways, SuiNS and ENS are similar, the obvious difference being that each one applies to its own respective blockchain environment. In May 2023, SuiNS was introduced on the Sui blockchain's newly launched mainnet. The service was developed and is supported by Mysten Labs, the development studio behind the Sui blockchain project. Since the beginning of the Sui blockchain's conceptualization, SuiNS has been among the core projects of the entire Sui ecosystem. As of late November 2024, SuiNS has managed to achieve the remarkable milestone of having registered nearly 330,000 names.

Using SuiNS, you can register your preferred username (as long as it's not been taken) for one year by paying a registration fee, currently charged in SUI coins. The name can be renewed at expiration for up to five years. All interactions with the blockchain environment through your wallet use your preferred username, rather than your blockchain address.

SuiNS names can be between 3 and 63 characters. Users can check the availability of their preferred handle and register it using the 

, where a lookup textbox is prominently displayed. Shorter names cost more than longer handles. As of the time of this writing (Nov 21, 2024), a three-character-long name costs 500 SUI ($1,785) and a four-character name will cost 100 SUI ($357), while names with five or more characters are priced at 20 SUI ($71.40).

A SuiNS name can only be registered for one year, but it can be renewed for up to four years (excluding the initial registration year). There's a 30-day grace period after the expiration of your SuiNS name, during which you may still renew it. If you don't renew during the grace period, your registered name will be up for grabs by anyone on the market. Optionally, you can buy an NFT avatar linked to your SuiNS name.

 (DApp) ecosystem on the Sui blockchain. Developers can use off-chain remote procedure calls (RPCs) to integrate the Sui service into their application environments. They can also take advantage of the native, on-chain SuiNS SDK to interact with the service.

Thanks to SuiNS, you can enjoy short, comprehensible names for your own address, as well as the addresses of the parties with whom you transact (if they also sign up for the service). No more forgettable string combinations that are hard to read and virtually impossible to remember!

However, a SuiNS name isn't just a tool of convenience. It also represents your decentralized identity on-chain. The identity is fully owned by you, the user, rather than by a centralized entity.

SuiNS minimizes the likelihood of lost assets due to sending funds to the wrong address: short, easy-to-remember names are way less prone to incorrectly executed transactions than standard blockchain addresses.

Security is also among the benefits of SuiNS. The service runs on the Sui chain, which prides itself on developing and enforcing high-grade security standards. Among these are 

, a framework that maintains a list of malicious websites and on-chain assets, thus protecting the Sui ecosystem from 

 launched by these known nefarious entities.

The SuiNS service launched its native token, NS, on Nov 14, 2024. Initially, NS is envisioned to support 

 processes on the platform, and will also be used for purchasing and trading SuiNS names. Currently, names are traded using SUI, the blockchain's native cryptocurrency. It's likely that NS will replace SUI in this capacity in the near future. The project team has also hinted that there could be additional uses for the NS token beyond governance and payment for SuiNS names. More announcements on this issue are likely to follow.

During the initial phase of the token's existence, governance will be its most prominent function. Holders of NS will be able to vote on important issues concerning the protocol's rules and future direction. One NS equals one vote, with more NS tokens giving you a greater say in the overall decision-making process. You can also increase your voting power by locking your NS tokens for from one to 12 months. For every additional month locked, you obtain 10% voting power. To encourage voting, 5% of the NS token's supply has been allocated for governance rewards. NS is a 

 token, with a total and maximum supply set at 500 million. The token's supply distribution shares are per the chart below.

NS is available on Bybit's Spot market as a swap pair with USDT (

). You can also take advantage of Bybit's campaign dedicated to the token to grab a share of the 

. Three campaign events for eligible users run through Nov 27, 2024, 8AM UTC:

Thanks to Sui Name Service, interacting on-chain has become easier and more user-friendly. However, easy-to-remember names aren't the only benefit: advantages also include lower likelihood of lost funds, better security and a completely decentralized, user-owned identity on-chain. So far, around 330,000 names have been registered, and with the impressive suite of benefits, expect this number to grow as we move with SuiNS into 2025.

Intermediate

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Sui Name Service (NS): Your On-Chain Identity Made Simple

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. 

November 2024 has marked a significant milestone for Bitcoin, with its price soaring to $94,105. This unprecedented growth has been driven by global events and heightened social media discussions, with predictions of six-figure valuations. Historically, peaks in social media chatter often precede market corrections, signaling traders to exercise caution. Currently, while whale accumulation remains strong — with wallets holding over 10 Bitcoin adding 53,006 more BTC in just one month — retail traders remain surprisingly cautious. This wary sentiment contrasts sharply with the bullish behavior usually seen during price surges, suggesting a potential correction.

The cryptocurrency market is witnessing an influx of speculative trading, particularly with meme coins like DOGE, PEPE and BONK experiencing extraordinary gains. Despite their volatility, these tokens reflect a broader appetite for high-risk investments. Notably, whale investors holding 1M–100M DOGE are accumulating, while smaller holders are selling, creating conditions for potential breakouts. However, if new capital stops flowing, these speculative assets could face significant downturns. Additionally, while discussions around Bitcoin reaching $100K are increasing, they haven’t reached the levels seen earlier this year, indicating that fear of missing out (FOMO) may not yet be fully realized.

Institutional Interest and Ethereum's Resurgence

Demand for Bitcoin ETFs has surged, with daily trading volumes hitting a record $8.21 billion, signaling increased institutional interest. This activity often coincides with market peaks, but could also indicate new investments flowing into the crypto space. Meanwhile, Ethereum has also gained momentum, breaking above $3,100 for the first time in over 14 weeks. Additionally, whale accumulation is on the rise, suggesting that as Bitcoin leads the market, profits may soon be redirected into Ethereum. In contrast, Solana's price movements remain highly sentiment-driven, with funding rates indicating potential entry points for investors. Overall, altcoins are experiencing growth, particularly following the U.S. elections, which have reignited optimism in the crypto market.

Advanced

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Bitcoin's Resurgence: Analyzing Market Dynamics and Speculative Trends in November 2024

Crypto market makers play a crucial role in providing liquidity by consistently placing buy and sell orders. Learn more about how they work here.

The cryptocurrency market is notorious for its high volatility and sometimes low liquidity, making it a challenging environment for traders and investors. Executing trades can be difficult, often resulting in significant price 

Market making is a strategic approach that provides the necessary liquidity to stabilize markets, ensuring smoother trades and reducing volatility. By creating buy and sell orders around the current market price, market makers help maintain a healthy trading ecosystem. This article examines the fundamentals of market making, its benefits for traders and exchanges and the way it enhances the overall efficiency of the cryptocurrency market.

A crypto market maker is an entity or individual who primarily provides liquidity in cryptocurrency markets by continuously placing buy and sell orders for digital assets. This activity ensures efficient trading and helps maintain stable prices.

Crypto market makers play a key role in keeping markets liquid by continuously placing buy and sell orders on exchanges. Here's a closer look at how they operate.

Key Characteristics of a Crypto Market Maker

Crypto market makers provide liquidity and stabilize prices in the cryptocurrency market. The following are the key traits that enable them to operate effectively.

Market makers continually place buy and sell orders, ensuring the availability of transactions for traders. This constant availability reduces wait times for trades and minimizes the price impact of large orders, making the market more efficient and accessible for everyone.

One of the fundamental roles of market makers is that of managing the bid-ask spread. By consistently quoting competitive prices, they narrow this spread, thereby enhancing trading efficiency and reducing costs for other market participants. This spread is also their primary source of profit.

Market makers leverage advanced algorithms and HFT strategies to analyze market conditions and optimize their order placements. This technology allows them to react swiftly to price changes and maintain a balanced inventory of assets, which helps to manage risk and maximize profitability.

Due to the inherent volatility of cryptocurrency markets, effective risk management is vital for market makers. They employ various techniques, such as hedging and real-time market analysis, to minimize exposure to sudden price swings. This ensures their operations remain stable even in the face of market fluctuations.

By providing continuous liquidity and facilitating smooth trading operations, market makers enhance overall market efficiency. Their presence attracts more traders, which increases transaction volumes, boosts exchange activity and contributes to a healthier trading environment.

Given the quickly evolving nature of the cryptocurrency landscape, market makers must be adaptable, continually refining their strategies in response to new technologies, regulatory changes and shifts in market dynamics. This ensures they remain competitive and relevant.

Crypto market makers play a critical role in the cryptocurrency ecosystem by providing liquidity and stabilizing prices. Despite the integral role they play, however, their operations come with both advantages and disadvantages. 

Additional Importance of a Crypto Market Maker

Crypto market makers play a vital role in maintaining the efficiency and stability of the cryptocurrency market. Their presence on crypto exchanges ensures trading environments operate smoothly. 

Newer and smaller cryptocurrencies often struggle with liquidity. Market makers provide a market for these assets, promoting their growth and creating a more diverse and dynamic crypto ecosystem.

Through continual quoting of prices, market makers aid in fair price discovery, ensuring that cryptocurrency prices reflect actual market demand rather than extreme fluctuations. This promotes a more trustworthy and transparent trading environment that allows traders to make data-backed decisions. 

Crypto market makers are essential players in the cryptocurrency ecosystem, providing liquidity, stabilizing prices and ensuring smooth trade execution. Their use of advanced algorithms and real-time order placements encourages a more efficient, accessible and fair market. However, risks such as market manipulation, potential capital loss and lack of regulation can be problematic. Overall, the role of market makers in supporting emerging assets and maintaining market stability makes them indispensable for a healthy and growing crypto environment.

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Crypto Market Maker: Boosting Trades With Strategic Liquidity

SEC Chair Gary Gensler announced he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration.

The S&P 500 rose 0.53% as investors shifted toward cyclical stocks expected to benefit from a strengthening economy, while technology shares lagged. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 4.79%, with Bitcoin and Ether rising by  4.19% and 8.75%, respectively in the past 24 hours.

Today's top performer is XRP, which surged 24.3% following the partnership between Ripple and MCSocialVenture to boost financial resilience and access in emerging markets.

Ripple (XRP), launched in August 2012, is a blockchain technology company focused on improving international payments with its cryptocurrency, XRP. 

, focused on investing in emerging market entrepreneurs. The initiative will pilot financial resilience and humanitarian solutions built on the XRPL, aiming to advance equitable access to finance.

Check Out the Latest Prices, Charts, and Data of 

 he will resign on January 20, 2025, coinciding with President-elect Donald Trump's inauguration. Gensler, whose term runs until 2026, faced pressure from the crypto lobby due to the SEC’s strict regulatory actions against the industry, including high-profile cases against Coinbase and Binance. Gensler’s departure is seen as a victory for crypto advocates, who hope the next SEC chair will be more crypto-friendly. Trump has hinted at firing Gensler on his first day in office and is expected to appoint a chair with expertise in crypto, such as Mark Uyeda, Hester Peirce, or Chris Giancarlo.

Yesterday, BTC Spot ETF data revealed a net inflow of $396.7 million, driven by $404.5 million from non-GBTC sources, partially offset by a $7.8 million outflow from GBTC..

 for those who participated. To claim, visit 

 using code B0FKOP. Additionally, Morph Zoo Season 2 has launched on mainnet, allowing users to earn points by bridging ETH or executing transactions on Morph. The Bitget Wallet offers a 1.2x multiplier on points to maximize rewards.

Beginner

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SEC Chair Gary Gensler to Resign on Inauguration Day, Marking a Win for Crypto Lobby

Bybit Learn

Crypto

In crypto, it is important to be wary of scams that you could fell prey to. In this article, we shed light on some of the most well-known ones and how to avoid them.

Cryptocurrency has revolutionized the way we perceive and interact with money, but with great innovation comes great responsibility. The digital landscape is riddled with scams and fraudsters eager to prey on unsuspecting investors. Protecting your hard-earned digital assets requires vigilance, research, and secure practices. In this post, we will explore the various types of crypto scams, offer essential tips on how to avoid crypto scams and provide guidance on reporting and recovering from scams.

Crypto scams come in various forms, each meticulously designed to part you from your digital assets. The tactics employed by crypto scammers are as diverse as they are dangerous. It’s important to stay vigilant and educate yourself about these scams to protect your assets.

Understanding how these scams operate and learning to recognize red flags are key steps toward safeguarding your assets.

One easily identifiable scam is fake cryptocurrency projects. These projects usually identify themselves as alternative options to more significant cryptocurrencies. For example, a cryptocurrency may claim to be an upcoming fork of an established cryptocurrency, such as 

 (ETH), or simply a new cryptocurrency from the parent company of Ethereum. They lure you into getting interested in it since crypto, such as Ethereum is booming, but at the same time, it might be a little late to invest in ETH for large profits. 

Many people are not aware of how cryptocurrencies even work. But they’re willing to invest due to “fear of missing out” (FOMO). Once the people behind this bogus cryptocurrency feel they have taken enough money, they can transfer all the crypto investments into their bank accounts and quickly shut down the fraudulent project, leaving the “investors” without their assets.

, a fake cryptocurrency that saw $6 million stolen from investors who believed it was real.

Another common crypto scam is bogus exchanges. These fake exchanges build a reputation among cryptocurrency communities by claiming they’re legit, as well as offering seemingly lucrative staking yields and airdrops than legitimate exchanges. Shortly after investors buy in, they can never get a hold of these coins. Instead, these fake exchanges often went missing and remained uncontactable.

For example, BitKRX convinced many people that they were one of the biggest cryptocurrency exchanges of the decade, resulting in the large-scale theft of people’s money. The scammer of the exchange was then reprimanded by the local government authorities in South Korea in 2017.

Pump-and-Dump schemes originate in the stock market. The main idea behind a pump-and-dump is that an asset is predicted to have a future increase in its price so that people will invest at a lower price. This automatically drives the product's price to increase as demand starts exceeding supply. Once the individual/group behind the pump-and-dump scheme makes enough money, they “dump” the project. 

Inspired by significant cryptocurrencies such as 

 (BTC), investors attempt to hype up and promote fake plans about a cryptocurrency to more buy-in from the public. As a result, people begin investing in that cryptocurrency, believing that its prices will surge based on seemingly strong fundamentals. However, once they realize the “innovative” plans were a hoax, the cryptocurrency is dumped, resulting in substantial financial losses for everyone involved — except the con artist behind the scheme.

Visual representation of pump-and-dump. Source: 

When trading crypto on exchanges that offer peer-to-peer (P2P) trading services, be aware that P2P scams can occur if the seller attempts to skirt the exchange’s escrow system by making an external transaction with the buyer. After the seller receives the buyer’s payment, the scammer pretends the transaction didn’t go through and refuses to keep their end of the bargain.

App fraud involves malicious apps that steal funds or personal information from unsuspecting users. Scammers may create fake crypto trading apps or exploit popular platforms to deceive victims. Fake apps are often swiftly detected and removed from official app stores; however, thousands may have already fallen prey to their schemes.

These apps are usually based on existing apps, and only a letter may differ in the name so that people get tricked into thinking they’re genuine. Once these apps are downloaded, they can introduce malware to your device or steal your data once you enter your private information. Exercising caution when downloading apps, assessing reviews, and verifying the legitimacy of the app’s developer can help prevent you from falling victim to these scams.

The idea behind a Ponzi scheme is that a fundraiser finds two investors and lures them into giving him money so that they can “double” their investment. To do so, the con artist finds another four investors who, in turn, provide the same amount of money, allowing the scammer to “make good” on his promise to the first two investors. And to return the money to all four investors, the con artist scams another eight people, then another sixteen, and so on. 

The implication is that the person behind the Ponzi scheme does not actually invest the money he collected from investors but rather steals it using the money of subsequent investors to pay back each round of investors. For example, 

 was one of the biggest Ponzi schemes in the crypto world, in which three people managed to run a scheme worth more than $700 million. Thankfully, the men involved were caught and arrested by government officials. However, the investors involved never got their investments.

Most cryptocurrencies raise their funds for developing their projects through an initial coin offering (ICO). ICOs can be private or public, depending on the team behind the project. With ICOs, the price of tokens or coins is lower than anticipated once it is released into the crypto market. Hence, investors use this opportunity to buy a lot of coins through the ICO while the funds for the project are raised. 

However, once these ICOs have been held, the people behind the project can shut down and keep the money for themselves. This is known as an exit scam. Since the main idea of cryptocurrencies is anonymity, it can be hard to trace the scammers behind the ICO. This makes exit scams one of the most dangerous online.

 to make these services possible. Everyday use of DeFi is 

. Like staking, yield farming enables you to lend some of the coins you own to earn more coins through interest rates. 

However, since anyone can launch their own DeFi project, DeFi scams can also be created. These projects seem to offer you higher interest rates if you lend out your money — but the person behind the project never returns your coins. Another classic scam in the DeFi space is rug pull involving a project creator to suddenly withdraws all the funds invested by users.

All of these scams are carried out through the manipulation of the smart contract code or through the hidden mechanisms that allow them to drain liquidity. This leaves investors with worthless tokens or completely empty wallets.

Phishing means sending fraudulent emails to people to induce them to give out personal information such as telephone numbers, social security numbers, and crypto account numbers.

For instance, scammers would claim to be from the legitimate company that manufactures Ledger wallets and send you an email claiming that there are some issues with your assets, and the only way to resolve these issues is by telling these folks your Seed Phrase and password. While most people might not fall for these scams, some still do, resulting in significant financial losses for them.

Authorized Push Payment (APP) scams occur when a fraudster tricks a victim into initiating a cryptocurrency transaction to an account controlled by the fraudster. This type of fraud is particularly prevalent in the cryptocurrency space due to the anonymity and irreversibility of cryptocurrency transactions. 

For example, scammers could promise to offer investment opportunities that are too good to be true with a well-prepared proposal to trick users into a partnership. It is usually carried out when scammers offer subscription-based services or trading signal services with proven insider information for a crypto price movement or price prediction for the next bull runs. They then manipulate the trading charts by placing their own trades to fabricate the results, creating an illusion of a success prediction.

One of the most common crypto scams in 2023 involves fake crypto job listings, even on legitimate websites like LinkedIn. Scammers target individuals seeking employment in the crypto industry by taking advantage of job seekers' desire to work in this rapidly growing field. They sell their personal data, deceiving them into paying agent fees and such by delivering empty promises.

Many fraudsters exploit the trust of unsuspecting individuals by distributing private keys to wallets supposedly containing valuable digital assets. These keys are often disseminated to various recipients through various channels.

The scammers lure victims with the promise of free cryptocurrency. Upon accessing the wallet with the provided key, individuals may observe a substantial balance. This entices them to attempt to transfer the funds to their wallets. However, the malicious wallets lack the necessary "gas" – a fee to process transactions on the blockchain network. 

The duplication scams are famous among gamers who prey on users who desire quick and easy returns. The scheme operates on a straightforward premise: fraudsters promise to double your cryptocurrency holdings if you send them an agreed amount. 

They might entice you with an offer like "send 1 ETH and get 2 ETHs back!"  While the allure of doubling your investment can be strong, this is a classic case of deception. 

Once you send your cryptocurrency to the scammer's address, you'll never see it again. It's a simple yet effective scheme that thrives on the victim's hope of easy gains, leaving them with no recourse to recover their lost funds.

Malicious actors may attempt to exploit users with unsolicited airdrops of seemingly valuable tokens. These tokens are distributed to random wallet addresses to entice recipients to engage further.

Be cautious if you receive an unexpected airdrop. Scammers may employ malicious code within the token's smart contract or the decentralized exchange (DEX) used for trading. This code could grant them unauthorized access to your wallet and steal your cryptocurrency holdings if you attempt to swap the airdropped tokens.

It's crucial to exercise vigilance with airdrops. Only interact with tokens from reputable sources within the cryptocurrency ecosystem and verify any claims before proceeding.

It is always wise to avoid interacting with suspicious traders or wallet addresses. Treat unexpected airdrops skeptically, especially if you’ve never heard of the tokens. Always conduct thorough research to determine the legitimacy of the project and the value of the tokens. Using a reputable cryptocurrency aggregator like CoinGecko can help to verify the token’s market valuation. 

A recent example involved the creation of a fake Elon Musk account used to promote a malicious cryptocurrency project. Beyond creating false personas, scammers may also target genuine influencer accounts. Incidents like the September 2023 hack of Vitalik Buterin's Twitter account, a prominent figure in the cryptocurrency community, highlight this tactic. By compromising legitimate profiles, scammers can disseminate malicious links and further perpetuate their deception.

One way to avoid falling into these traps is to resist succumbing to the fear of missing out (FOMO) on purported investment opportunities. Avoid making impulsive decisions based on celebrity endorsements or social media hype, and instead prioritize rational decision-making grounded in thorough research and due diligence.

The sophisticated twist on traditional romance scams is a concerning development that has emerged in cryptocurrency. Perpetrators establish seemingly genuine emotional connections with victims, exploiting their trust and affection. Once rapport is built, the scammer maneuvers the victim into transferring cryptocurrency under false pretenses. These fabricated scenarios may involve claims of urgent family needs or lucrative, albeit fictitious, investment opportunities.

Furthermore, fraudsters have infiltrated online communities like Discord servers and Telegram groups, employing a tactic known as the "crypto bromance scam." Here, scammers position themselves as knowledgeable crypto enthusiasts, cultivating trust with victims by offering seemingly helpful advice. When the victim feels comfortable, the scammer exploits this trust to either elicit their private keys or manipulate them into actions that ultimately drain their cryptocurrency wallets.

Perpetrators of cryptocurrency mining scams frequently impersonate representatives of well-regarded entities within the industry, such as MetaMask (MEW) or Enkrypt.  

Alternatively, they may initiate contact by feigning a friendly and trusting rapport, and these individuals then entice unsuspecting victims with the promise of significant wealth generation through purportedly lucrative cryptocurrency mining programs. To make these opportunities appear especially attractive, they offer unrealistically high Annual Percentage Rates (APR) as returns on investment. Once victims deposit funds into the designated website, the funds disappear entirely, leaving them with no recourse.

Unfortunately, the exploitation often doesn't end there. Scammers may employ a variety of tactics to extract even more money from their targets. A common ploy involves claiming that deposited funds are now locked within the platform and require an additional security deposit to be fully accessible. Once victims comply with this initial "unlock fee," scammers may fabricate excuses, such as overpayment or underpayment discrepancies. These fabricated issues are then used to justify demands for further deposits to rectify the supposed errors. This cycle can continue indefinitely, with scammers inventing increasingly elaborate pretexts to withhold the promised returns.  

All the while, they are surreptitiously siphoning cryptocurrency directly into their own wallets. Because these transactions typically occur within self-custodial wallets, victims often do not realize the deception until it is too late.  This delay allows scammers to abscond with the stolen funds and evade detection due to the decentralized nature of cryptocurrency transactions.

If you ever find that your funds are unexpectedly locked in a protocol and subsequent deposits are requested to be released, refrain from making further investments. This is a red flag signaling potential scam activity, and additional deposits are likely to exacerbate losses rather than yield returns.

Address poisoning exploits a common user behavior in cryptocurrency transactions: copying and pasting wallet addresses. This tactic leverages software to generate addresses that closely resemble legitimate ones, targeting victims who rely on their wallet's recent activity for quick reference.

Scammers frequently identify used addresses in a user's transaction history. They then employ software to create a spoofed address with a high degree of similarity to the legitimate one, often differing by only a few characters at the beginning or end (areas prominently displayed in most wallets). To further the deception, a negligible amount of cryptocurrency might be sent to this fraudulent address, causing it to appear alongside the intended recipient in the recent activity list.

So when a user copies and pastes an address from their recent activity without carefully verifying the entire string, they risk unknowingly sending funds to the scammer's address. Due to the immutable nature of blockchain transactions, these lost funds are irretrievable.

A concerning trend within cryptocurrency communities on platforms like Telegram and Discord involves deceptive impersonation tactics. Malicious actors create usernames that closely mirror those of legitimate administrators or users. This similarity can make it difficult to discern authentic accounts from fraudulent ones.

Top 19 Crypto Scams in 2024: How to Avoid Them (Updated)

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