Crypto sleuth, ZachXBT, has revealed that on August 19, a victim lost 783 Bitcoin (BTC), valued at $91 million, in a social engineering scam.
This incident comes amid a rise in social engineering scams worldwide. Bad actors are continuously adopting new tactics to deceive and steal from unsuspecting victims.
ZachXBT Exposes $91 Million Crypto Scam
According to ZachXBT’s post on X (formerly Twitter), the scam involved attackers impersonating customer support representatives from a crypto exchange and a hardware wallet provider.
The stolen funds were subsequently funneled into Wasabi Wallet, a privacy-focused Bitcoin wallet. ZachXBT revealed that the theft transaction hash was da598f2a941ee3c249a3c11e5e171e186a08900012f6aad26e6d11b8e8816457.
Moreover, the theft address was bc1qyxyk4qgyrkx4rjwsuevug04wahdk6uf95mqlej. ZachXBT’s accompanying analysis, illustrated through detailed blockchain mapping, reveals the complex network of addresses used to launder the funds. Multiple deposits into Bitcoin mixers further obscured the trail.
“Coincidentally this theft happened on the one year anniversary of the $243 million Genesis Creditor theft,” ZachXBT noted.
ZachXBT also advised that to avoid falling victim to social engineering scams, it’s crucial to treat every call or email with skepticism, assuming it’s a scam by default.
Meanwhile, social engineering scams, which rely on manipulating individuals rather than exploiting technical vulnerabilities, have become increasingly prevalent in the crypto space. Recent reports corroborate this trend.
For instance, in a separate case, a scammer posed as a senior UK police officer to steal $2.8 million (£2.1 million) in Bitcoin. North Wales Police revealed the scam began when the attacker contacted the victim, claiming they had arrested someone with the victim’s personal documents.
The scammer convinced the victim that their assets were at risk. Furthermore, they instructed the victim to secure their cold storage by logging into a fake website.
The victim entered their seed phrase on the fake site, allowing the scammers to steal all their Bitcoin. Authorities are now investigating the case. It serves as a warning about the importance of verifying calls and protecting your seed phrase.
“This case serves as a reminder that scammers are constantly evolving their tactics. They are not just targeting new investors; they are crafting sophisticated social engineering schemes to trick even the most diligent holders. Stay vigilant, protect your assets and your seed phrase, and trust your instincts,” the authorities advised.
Previously, BeInCrypto reported that scammers are impersonating publications like WalesOnline. They promote cryptocurrency scams online, some of which feature fabricated BBC footage.
Additionally, deepfake technology and phishing schemes, such as those impersonating Coinbase support, have been identified as growing threats.
The post ZachXBT Uncovers $91 Million Bitcoin Theft in Sophisticated Scam appeared first on BeInCrypto.
Source: https://beincrypto.com/crypto-social-engineering-scam/