Is Ethereum’s Rapid Activity Growth Genuine?
Ethereum, one of the leading blockchain networks, has shown a significant increase in activity recently. But beneath the surface, not all of this growth may be as organic as it seems. On the surface, Ethereum’s network metrics look impressive, but security experts have identified an alarming trend – the rise of address poisoning attacks.
Recent Metrics: A Closer Look
According to data, Ethereum’s network witnessed 2.7 times more new addresses than the 2025 average, peaking on January 12th with 2.7 million new wallets – an astounding 170% increase. Simultaneously, weekly transactions reached new highs, soaring from 10.5 million to 17.1 million – a massive 63% jump. However, analysis reveals that these numbers are heavily influenced by the use of stablecoins such as USDT and USDC.
Security researcher Andrey Sergeenkov observed that around 80% of this growth stemmed from automated activity related to stablecoins. Interestingly, stablecoins are frequently used in wash trading, automated transfers, and, now, address poisoning attacks.
What Is Address Poisoning?
Address poisoning is a method attackers use where they send tiny amounts, often lower than $1, to wallets with copied addresses that closely resemble the real target. These “dust” payments appear in the transaction history of victims’ wallets. When users inadvertently copy these poisoned addresses during transactions, they risk sending assets to attackers instead. Alarmingly, 67% of newly created Ethereum wallets received less than $1 as their first transaction, making up approximately 3.86 million out of 5.78 million addresses.
Who Are Behind These Attacks?
Sergeenkov tracked USDT and USDC transfers valued under $1 sent to at least 10,000 unique addresses. He uncovered several major operators responsible for distributing this ‘dust.’ The top three attacker contracts collectively poisoned more than 1.6 million Ethereum wallets, with one alone targeting 690,000 addresses.
The Impact on Users
While the success rate of address poisoning remains low (just 0.01%), it only takes one mistake for attackers to make significant gains. As an example, a single victim lost $509,000 in one attack. However, December’s Fusaka Upgrade on Ethereum made these large-scale attacks cheaper and easier. The upgrade decreased ERC-20 transfer fees by six-fold, enabling attackers to send millions of spam transactions in a cost-effective way.
How to Protect Your Ethereum Assets
Ethereum users need to be vigilant to protect their funds from potential address poisoning attacks. Practices such as double-checking wallet addresses before transactions and avoiding copying addresses directly from transaction histories can help mitigate risks. Consider using tools like hardware wallets, such as the Ledger Nano X, which offers enhanced security for your crypto assets.
Final Thoughts
While the Ethereum network continues to evolve and grow, users must remain cautious. As the popularity of cryptocurrencies rises, so does the sophistication of potential scams. Address poisoning attacks highlight the ongoing need for blockchain users to adopt stricter security measures and stay informed of emerging threats.
