Loading...

Scam Victim Reclaims $70M in Stolen Cryptocurrency

TL;DR

  • Scam victims recover $70M lost within a week.
  • Cybersecurity agency aids return of stolen crypto.
  • Address poisoning scam ends with unexpected $70M recovery.

Whale, who had been a victim of a phishing attack, was able to win back more than $70 million worth of assets stolen by hackers. The recovery, facilitated by a series of unexpected communications with the attacker, sheds light on the tactics employed by cybercriminals to steal crypto assets.

How the scam incident took place

The scam took place on May 3rd. The holder of Wrapped Bitcoin (WBTC) fell victim to a Phishing attack. The attacker, using a method called address mimicking, misled the whale into thinking about dispersing his / her funds to an address that is pretty much the same as their own. 

The phishing attempt took advantage of the way that the legal and fake addresses are so similar, and thus, the whale’s momentary distraction among a lot of transactions 

 When identifying the theft, the whales instantly moved forward to undertake the necessary steps toward recovering the stolen assets. 

Attack recovery process 

Although the whale was unsuccessful in the first attempt to contact the attacker, it finally managed to communicate, and the attacker was ready to negotiate the return of the funds. 

victims were not responded the 10th of May attacker sent a message privately addressing the Telegram wallet of the whale

Match Systems, a cybersecurity agency that deals with the protection of digital assets, was the second key contributor to the quick recovery of the stolen cryptocurrencies. In all this, the agency stressed promptness from the victims as a key to taking the rightful steps in recovering the full asset involved. 


Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

Share link:

Emman Omwanda

Emmanuel Omwanda is a blockchain reporter who dives deep into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), and more. His expertise lies in cryptocurrency markets, spanning both fundamental and technical analysis.

Most read

Loading Most Read articles...

Stay on top of crypto news, get daily updates in your inbox

Related News

Hacker
Cryptopolitan
Subscribe to CryptoPolitan