In a significant crypto theft, an elderly U.S. Bitcoin holder lost over $330 million due to social engineering attacks. Blockchain investigator ZachXBT is tracking the case, where $7 million of the stolen funds have been frozen with Binance’s help. Meanwhile, authorities investigate the suspects linked to a UK scam ring, while other security breaches in the crypto sector raise concerns.
A staggering incident of cryptocurrency theft has left a long-time Bitcoin holder reeling, with losses exceeding $330 million, making it one of the largest thefts in the crypto world recently. It appears the individual, an elderly investor from the U.S., became a victim of a well-crafted social engineering scheme that culminated in over 3,500 BTC being drained in a single transaction. This was reportedly achieved through a series of fake websites and phone scams designed to deceive the unsuspecting victim.
ZachXBT, a blockchain investigator, has been following this case closely. He notes that the attackers managed to manipulate the victim into revealing sensitive credentials. Once the funds were stolen, they were rapidly transferred through various cryptocurrency exchanges and converted into Monero, a privacy-focused coin that offers untraceable transactions, making recovery efforts a challenge.
Despite the difficulties in tracing the funds, there’s a silver lining — around $7 million of the stolen crypto has been successfully frozen. Binance and onchain analysts played a crucial role in this action, helping to halt the flow of some of the assets. Meanwhile, the suspects, linked to a UK-based scam ring, have seemingly vanished, wiping their social media presence after being named in connection with the theft.
This incident has raised alarms about the security of senior cryptocurrency holders, many of whom might not be aware of new security practices that have emerged in the rapidly evolving crypto landscape. Authorities, alongside blockchain analysts, are continuing to investigate. This incident underlines how even seasoned investors remain vulnerable to various manipulative tactics that can lead to substantial financial loss.
In an equally alarming development, Kraken has reported foiling a hacking attempt by a North Korean individual posing as a job seeker, highlighting ongoing cybersecurity concerns in the crypto sphere. The community is still reeling from the ramifications of the massive theft.
Adding to a backdrop of criminal activity, Avraham Eisenberg, previously known for his significant role in the 2022 Mango Markets exploit, has been sentenced to 52 months in prison. Curiously, this sentence is not directly related to his crypto exploits but to other legal matters.
In further unfortunate news, Loopscale, a decentralized finance platform operating on Solana, has had to suspend its lending operations due to a major security breach that resulted in losses estimated at around $5.8 million. The events paint a concerning picture of the current state of cryptocurrency security, where older investors and emerging platforms alike face mounting risks.
