Ethereum’s Glittering Mirage: 3.86m Poisoned Wallets Exposed

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In the vast expanse of the Ethereum ledger, a cacophony of transactions erupted, each block a testament to frenzied activity. Yet, as the poet whispers, all that glitters is not gold. Ah, Andrey Sergeenkov, that modern-day Sherlock Holmes of chains, has uncovered the truth: a grand illusion, woven by the hands of malevolent puppeteers.

What you should know

The numbers, adorned in gilded figures, spoke of a renaissance in digital finance. New addresses sprouted like weeds after a storm.

A 2.7x surge above 2025’s average-a spectacle! A peak on the 12th of January, where 2.7 million addresses bloomed, 170% above the mundane. Transactions? A 63% leap, from 10.5 million to 17.1 million-though one suspects the ghosts of bots past are to blame.

But lo! Sergeenkov’s scalpel pierced the veil. Eighty percent of this splendor? The work of stablecoins-those quiet, unassuming villains, USDT and USDC. They, the architects of automated chaos, skewed the scales with a flourish.

Behold the first-time stablecoin transactions: 67% of new addresses received less than $1-a paltry offering, a breadcrumb to lure the careless. In total, 3.86 million out of 5.78 million-poisoned, one might say, with a touch of theatrical flair.

A dance of deceit, this “address poisoning.”

But what is that?

Imagine, if you will, a thief who sprinkles dust on your doorstep, hoping you’ll stumble and hand over your keys. Attackers send minuscule tokens to addresses that mimic yours, a sly game of mimicry. When users, in their haste, copy an address without a second glance, they become unwitting pawns in a farce.

Sergeenkov, with the precision of a surgeon, tracked these miscreants. He filtered the dust-transfers under $1-and unmasked the villains. Three contracts alone sent their noxious offerings to 1.6 million addresses. One, a particularly industrious rogue, targeted 690,000 wallets. Another, 589,000. The third, 405,000. A symphony of spam!

How Fusaka changed things

Once, address poisoning was a costly folly. Success? A mere 0.01%. But then came Fusaka, that savior in disguise, slashing fees sixfold. Suddenly, spam became profitable-a gold rush for digital vultures.

In December, the game shifted. One unfortunate soul lost $509,000, a feast for the attackers. Contracts multiplied, sending dust to 78,000 addresses. The stage is set for a grand finale, where the largest losses await the unwary.

Final Thoughts

  • Ethereum’s “record growth”-a gilded cage, inflated by digital trickery.
  • Fusaka’s fee cuts? A gift to scammers, wrapped in the guise of progress.

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2026-01-20 18:25