Victim Loses $91M in Bitcoin in Social Engineering Scam: ZachXBT

A devastating social engineering attack has left a cryptocurrency investor reeling, with a staggering loss of $91.4 million in Bitcoin. Blockchain sleuth ZachXBT has uncovered the details of the high-profile scam, which saw a fraudster pose as a hardware wallet support agent to trick the target into handing over sensitive credentials.

The scammers struck on August 19, convincing their mark that they were a legitimate representative from a well-known hardware wallet company. The attacker's ruse was convincing enough to dup the victim into revealing their wallet credentials, allowing the fraudster to gain access to the account and transfer funds.

This latest attack is part of a disturbing trend in social engineering scams targeting crypto investors. In the first half of 2025 alone, cryptocurrency enthusiasts have lost $3.1 billion to various hacks and schemes. The sheer scale of these losses is a stark reminder of the ever-present threat posed by scammers and hackers.

The attack also mirrors other high-profile social engineering attacks that have taken place in recent months. It serves as a cautionary tale for cryptocurrency investors, who must remain vigilant against such tactics.

Once the malicious transfer was made, the funds were laundered through a complex process involving multiple deposits into Wasabi Wallet, a privacy tool designed to obfuscate the trail of illicit transactions. This technique is commonly used by scammers to disguise their nefarious activities and avoid detection.

The hack is particularly noteworthy due to its timing. It occurred exactly one year after another landmark event in the cryptocurrency industry – the $243 million Genesis creditor theft. That incident led to a major scandal, with 12 people arrested in California in May for their role in the heist. The fact that this latest attack shares some similarities with the earlier incident serves as a grim reminder of the ongoing struggle between law enforcement and cybercriminals.

As the cryptocurrency landscape continues to evolve, it's essential for investors to stay informed about emerging threats and take steps to protect themselves. By staying vigilant and taking proactive measures to secure their accounts and credentials, they can reduce their risk of falling victim to social engineering scams like this one.