This week, a Bitcoin investor fell victim to a social engineering attack, losing $91 million. This incident highlights the growing risks in the cryptocurrency space.
Technical Details of the Attack
The attack occurred on Tuesday when the victim was deceived by impostors posing as crypto exchange and hardware wallet support. Blockchain records confirmed that the funds, totaling 783 BTC, were stolen at 11:06 AM UTC and were moved the following day through Wasabi Wallet, a privacy tool used to obscure transaction paths. Investigator ZachXBT indicated the risks associated with social engineering deception.
Rise of Hardware Wallet Scam Cases
Impersonation of hardware wallet providers, such as Ledger and Trezor, has become a common tactic among scammers. In April, fraudsters mailed fake letters posing as Ledger requesting secret recovery phrases. Another high-profile case in the same month saw a U.S. citizen lose over $330 million due to a social engineering scheme, demonstrating the scale of the problem.
Cryptocurrency Theft Remains a Multibillion-Dollar Problem
Despite growing awareness, cryptocurrency thefts persist. According to blockchain security firm CertiK, more than $2.1 billion has been stolen in 2025, with many incidents involving wallet compromises and phishing. Experts emphasize that protecting private keys and verifying support requests are the most effective ways to prevent fraud.
The case of the $91 million loss shows the significant risks associated with cryptocurrencies. It is crucial to remain cautious when dealing with the security of one's assets.
