Citibank links surge in Ethereum network activity to possible scams

Citibank has suggested that the recent surge in Ethereum's daily transaction volume and active addresses may be attributable to address poisoning scams, CoinDesk reported. In a report, the bank noted that a significant portion of recent transactions are for small amounts under $1, a pattern more consistent with scam activity than an influx of new users. Citibank's analysis concluded that lower transaction fees on the Ethereum network have enabled attackers to conduct these large-scale activities at a low cost. This assessment follows a similar analysis previously offered by security researcher Andrey Sergeenkov. Address poisoning is a scam in which attackers use vanity address generators to create wallet addresses that match the first and last few characters of a target's address, aiming to trick the user into mistakenly sending funds to the fraudulent address.