Binance has developed an "antidote" to address poisoning scams, capable of detecting millions of compromised cryptocurrency addresses.

According to a report shared with Cointelegraph, Binance's security team has developed an algorithm capable of detecting millions of compromised cryptocurrency addresses. The report states:

"We have developed a unique method to identify poisoned addresses, which helps us alert users before they transfer funds to criminals. This has played a crucial role in identifying and flagging over 13.4 million scam addresses on the BNB Smart Chain and 1.68 million scam addresses on Ethereum."

Binance's new algorithm detects counterfeit addresses by first identifying suspicious transactions, such as those involving near-zero value or unknown tokens, pairing them with potential victim addresses, and timestamping malicious transactions to locate potential poisoning points.

According to the report, these counterfeit addresses have been registered in the database of HashDit, a Web3 security company collaborating with Binance, which will help protect the broader cryptocurrency industry from poisoning scams.

This article is from Zombit:https://zombit.info/binance-new-algorithm-detect-million-spoofed-addresses-against-address-poisoning-scams/

Yours Sincerely,

AIC Team