The incident involving a crypto investor highlights the prevalence of fraudulent schemes in the digital asset world.
How the Scam Worked
Blockchain analyst ZachXBT reported that the scam occurred on Tuesday when the victim was tricked by individuals posing as support staff for a crypto exchange and hardware wallet provider. The stolen Bitcoin was quickly funneled into a new wallet before being laundered using Wasabi Wallet, a tool focused on obscuring transactions. ZachXBT noted that the attacker began mixing the funds a day later, complicating the tracing process.
Warnings and Recommendations
Social engineering attacks rely on deception rather than technical exploits, convincing victims to share private keys or sensitive login details. ZachXBT warned users to regard any unsolicited call or message as a 'scam by default.' He also ruled out the involvement of North Korea's Lazarus Group, often blamed for high-profile crypto thefts.
Increase in Cryptocurrency Theft Cases
This theft comes exactly one year after the Genesis creditor hack worth $243 million and follows a series of similar incidents. In April, scammers impersonating Ledger mailed fake 'security updates' to users in an attempt to steal recovery phrases. Additionally, an elderly U.S. citizen lost over $330 million in Bitcoin through a similar scheme in the same month. According to CertiK, crypto-related thefts in 2025 have exceeded $2.1 billion, with the largest single case being the $1.4 billion Bybit exploit in February. Analysts warn that despite improved security measures, human-targeted scams remain one of the most effective methods for draining wallets.
The rise of cryptocurrency theft incidents underscores the need for vigilance and caution among users, especially amid evolving technology and fraudulent schemes.
