Massive Crypto Theft Rocks the Community, $330M in Bitcoin Stolen in Social Engineering Scam

A massive crypto theft has rocked the community, with a staggering $330 million in Bitcoin stolen in a sophisticated scam now believed to be the result of social engineering.

A massive crypto theft that saw a staggering $330 million in Bitcoin stolen in a sophisticated scam is now believed to have been the result of social engineering, according to new developments.

Well-known blockchain analyst ZachXBT, who has been following the case closely, provided updates on the investigation.

The victim appears to be an elderly individual based in the United States, and while the full recovery of the funds seems unlikely, efforts from the analyst and cryptocurrency exchange Binance have managed to freeze around $7 million linked to the stolen funds.

Investigators believe the attack may have started with a phone-based scam operation, where the perpetrators tricked the victim into granting access to their crypto wallet. This kind of manipulation is known as social engineering and relies on psychological tactics to circumvent security measures.

Further leads have now surfaced. ZachXBT pointed to individuals allegedly linked to a fraudulent call center operation, including a suspect using the alias “X,” who is said to be operating from the United Kingdom and is believed to be of Somali origin. Another accomplice, known as “W0rk,” is thought to have assisted in the scheme. Both suspects are reported to have deleted their online presence in the days after the theft.

Despite the efforts of the analyst and exchange, a portion of the stolen Bitcoin remains unaccounted for. However, digital sleuths continue to track wallet movements and connections in hopes of identifying additional actors involved in the heist.output: A massive crypto theft that saw a staggering $330 million in Bitcoin stolen in a sophisticated scam is now believed to have been the result of social engineering, according to new developments.

Well-known blockchain analyst ZachXBT, who has been following the case closely, provided updates on the investigation.

The victim appears to be an elderly individual based in the United States, and while the full recovery of the funds seems unlikely, efforts from the analyst and cryptocurrency exchange Binance have managed to freeze around $7 million linked to the stolen funds.

Investigators believe the attack may have started with a phone-based scam operation, where the perpetrators tricked the victim into granting access to their crypto wallet. This kind of manipulation is known as social engineering and relies on psychological tactics to circumvent security measures.