Social engineering is increasingly becoming a common scheme of theft in the cryptocurrency space. One recent case highlights the seriousness of the threat, as a victim lost 783 Bitcoin, equivalent to $91 million.
The Bitcoin Theft and Trickster Methods
According to noted blockchain analyst ZachXBT, the fraudsters posed as customer support for both exchanges and hardware wallets. Blockchain data shows that the thief has already laundered the stolen funds through the privacy-focused Bitcoin wallet Wasabi. This incident coincided with the one-year anniversary of the $243 million theft from Genesis creditors.
Growing Sphere of Social Attacks
A recent report by TRM Labs highlights the growing dominance of social engineering methods in crypto-related thefts. In the first half of 2025 alone, a record $2.1 billion was stolen through hacks and exploits. Over 80% of losses were tied to infrastructure breaches such as compromised private keys and seed phrases, often made possible by social engineering tactics and insider threats.
How to Protect Against Fraud
When asked by a community member how to avoid falling for scams, ZachXBT provided blunt yet practical advice: treat every call or email as a potential scam by default.
Social engineering presents a serious threat to cryptocurrency users. Constant vigilance and caution when communicating with customer services can help avoid unpleasant consequences.
