New Bitcoin Scam Unfolds With Fake Lawyers and Old Wallets

A fresh wave of scams threatens Bitcoin users with dubious tactics aimed at exploiting dormant wallets. A recent alert from BitMEX Research sheds light on this concerning trend.

Overview of the scams targeting Bitcoin wallets

New Bitcoin Scam Emerges A new Bitcoin scam has come to light, creating ripples in the cryptocurrency community. On 8 July, BitMEX Research raised an alarm regarding an ongoing fraudulent scheme that targets Bitcoin wallets. The initiative notably involves a wave of minuscule transactions, sometimes referred to as “dust” transactions, sent to Bitcoin addresses from as far back as 2012, which likely house substantial untouched balances. Each of these transactions includes an OP_RETURN message that directs recipients to a dubious website, salomonbros[.]com/owner_notice.

Examining the legitimacy of the Salomon Brothers website

Phishing Tactics and the Deceptive Website The race to deceive reaches a new level with a website under a name reminiscent of the famous Salomon Brothers, a true name in the finance sector. The site is meant to look legitimate, boasting an impressive advisory board made up of figures from the 1980s bond-trading era. Claims on the website state that they have taken “constructive possession” of dormant wallets and offers any real owner a frustrating ultimatum—a mere ninety days to prove ownership or risk losing all rights to those funds. Verification can be complicated, requiring either a sign-off on an on-chain transaction or risky personal data submissions through a web form.

Echoes of historic scams in the cryptocurrency world

Comparisons to Previous Scams When looking more closely, BitMEX Research characterised this setup as a “Calvin Ayre-style legal scam.” This phrase rings true as it compares to similar past efforts by Craig Wright and his associates attempting to claim possession of Mt. Gox coins through legal manoeuvrings. With scepticism growing, independent analysts, like @0xZilayo, have already branded these OP_RETURN notifications as phishing attempts devoid of any real validity—backing concerns about the ingenuity of the scam’s authors.

The blockchain’s role in fraudulent activities

Recent Incidents and Blockchain Activity Intriguingly, this scam journey aligns with a notable burst of activity on the blockchain, revealed by crypto detectives. Notably on the 4th of July, transactions hit an unprecedented level as 80,000 BTC were moved from eight aged wallets seemingly simultaneously. Prior to these transfers, OP_RETURN messages flooded into these wallets, ending with the infamous “Salomon Brothers” notice. Scholars in this arena speculate that the scammers may be playing on the power of OP_RETURN; it allows messages to be scribbled onto the blockchain with minimal cost, ensuring visibility to future owners or inquisitive blockchain watchers.

How to protect yourself from scammers

BitMEX’s Warning and Advice Fighting back against this deception, BitMEX’s guidance comes across loud and clear: “Do NOT fill in this form.” Those holding Bitcoin in wallets that receive these suspicious messages are encouraged to prove ownership by relocating their assets to a newly created wallet. Conversely, anyone lacking access to their private keys has nothing to gain and, frankly, everything to risk by engaging with these fraudulent attempts. Authorities have been alerted, yet there’s been no indication of any ongoing investigations by law enforcement.

Understanding the growing trends in crypto scams

A Larger Trend in Cryptocurrency Scams This incident sheds light on a concerning trend where attackers are reaching back into Bitcoin’s early years. They exploit both the technical features like OP_RETURN messaging and the gaping legal grey areas, converting dormant or illicitly obtained coins into profit. Moreover, this episode adds another layer to the enduring Mt. Gox saga, which, even more than a decade later, continues to attract opportunists aiming to stake dubious claims on those elusive lost funds, tempting fate with their schemes.

Final thoughts on the Bitcoin scam situation

Caution is Key All in all, it is crucial to maintain a critical eye towards any uninvited legal notices appearing on the blockchain. The essence of Bitcoin ownership hinges on one thing: possession of the private key. This remains the sole authentic proof of ownership, irrespective of what any OP_RETURN message may declare or any polished website may imply. In this vibrant yet risky landscape of cryptocurrency, it stands firm that one must tread carefully in the face of manipulative tactics.

In summary, a new Bitcoin scam has emerged targeting dormant wallets, and it’s cunningly utilising phishing tactics. BitMEX Research and independent analysts have raised concerns about the legitimacy of these scams. It’s clear that the best course of action is to trust one’s instincts and safeguard private keys vigilantly, as they are the only reliable proof of ownership in the Bitcoin realm.