EOS is confronting an address poisoning attack where cybercriminals are mimicking significant exchanges.

Malicious individuals pretended to be popular trading platforms such as OKX and Binance to trick users in an address-poisoning attack targeting the EOS blockchain. The EOS blockchain has revealed its rebranding as Vaulta, with the goal of creating a scalable and secure financial ecosystem for Web3. Recently, blockchain security company SlowMist reported that the EOS blockchain network is undergoing a significant address poisoning attack. Threatening individuals are focusing on users by transmitting minor transactions of 0.001 EOS tokens, using these engagements to carry out their attacks. According to a report by SlowMist, the culprits have established fraudulent accounts that imitate reputable trading platforms to mislead users. As a result, investors must exercise extreme care before relying on these sources. Prominent instances consist of “oktothemoon,” which is mimicking OKX’s authentic account “okbtothemoon,” as well as “binanecleos,” which imitates Binance’s verified account “binancecleos.” Address poisoning attacks have existed for some time within the cryptocurrency space. Binance, a cryptocurrency exchange, recently announced a global warning regarding clipper malware that targets and modifies cryptocurrency wallet addresses. In a significant event last May, a Bitcoin trader accidentally transferred $70 million to an incorrect address as a result of such fraudulent actions. Remarkably, these attacks coincided with the EOS blockchain’s announcement of its rebranding to Vaulta, aligning with its strategic pivot towards Web483 banking services. Consequently, investors have moved past their worries about address-poisoning attacks, leading to a 25% increase in EOS’s price at the time of reporting. EOS’s price surge comes as the blockchain rebrands itself to Vaulta.