Reddit Community Member Issues Warning Over Copy And Paste Crypto Scam

A Reddit user has warned the community about a crypto scam involving the copy & paste feature when sending money through cryptocurrency exchanges.

According to a post published August 26, Reddit users u/seraf1990 was the victim of a cryptocurrency scam while attempting to transfer funds from Binance to Coinbase.

The user copied their BTC wallet address on Coinbase using the exchange’s built-in copy function before logging into Binance to initiate the transfer.

The post continues, “Logged in Binance to sent the BTC to Coinbase and just pasted the address from the buffer without second thought. Pushed the transaction. 1hour later I realized that its different address and only first 4 symbols are same.”

U/seraf1990 claims their copy and paste function was altered to reflect a foreign address, despite using the same initial four characters as the true address. The Reddit post went on to warn community members about the potential scam and asked users to double-check their wallet addresses before initiating transactions.

Community members responded to the post with recommendations that exchanges create a “whitelist” of wallet address to ensure funds are sent to the correct recipient. Other users recommending always checking the first and last four characters of a wallet address before initiating the transaction, in order to avoid falling for a similar scam.

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