The post ZachXBT Uncovers $91 Million Bitcoin Theft in Sophisticated Scam appeared on BitcoinEthereumNews.com. Crypto sleuth, ZachXBT, has revealed that on August 19, a victim lost 783 Bitcoin (BTC), valued at $91 million, in a social engineering scam.  This incident comes amid a rise in social engineering scams worldwide. Bad actors are continuously adopting new tactics to deceive and steal from unsuspecting victims. ZachXBT Exposes $91 Million Crypto Scam  According to ZachXBT’s post on X (formerly Twitter), the scam involved attackers impersonating customer support representatives from a crypto exchange and a hardware wallet provider.  The stolen funds were subsequently funneled into Wasabi Wallet, a privacy-focused Bitcoin wallet. ZachXBT revealed that the theft transaction hash was da598f2a941ee3c249a3c11e5e171e186a08900012f6aad26e6d11b8e8816457.  Moreover, the theft address was bc1qyxyk4qgyrkx4rjwsuevug04wahdk6uf95mqlej. ZachXBT’s accompanying analysis, illustrated through detailed blockchain mapping, reveals the complex network of addresses used to launder the funds. Multiple deposits into Bitcoin mixers further obscured the trail. “Coincidentally this theft happened on the one year anniversary of the $243 million Genesis Creditor theft,” ZachXBT noted. Social Engineering Crypto Scam Funds Movement. Source: X/ZachXBT ZachXBT also advised that to avoid falling victim to social engineering scams, it’s crucial to treat every call or email with skepticism, assuming it’s a scam by default.  Meanwhile, social engineering scams, which rely on manipulating individuals rather than exploiting technical vulnerabilities, have become increasingly prevalent in the crypto space. Recent reports corroborate this trend.  For instance, in a separate case, a scammer posed as a senior UK police officer to steal $2.8 million (£2.1 million) in Bitcoin. North Wales Police revealed the scam began when the attacker contacted the victim, claiming they had arrested someone with the victim’s personal documents.  The scammer convinced the victim that their assets were at risk. Furthermore, they instructed the victim to secure their cold storage by logging into a fake website. The victim entered their seed phrase on the fake site, allowing the… The post ZachXBT Uncovers $91 Million Bitcoin Theft in Sophisticated Scam appeared on BitcoinEthereumNews.com. Crypto sleuth, ZachXBT, has revealed that on August 19, a victim lost 783 Bitcoin (BTC), valued at $91 million, in a social engineering scam.  This incident comes amid a rise in social engineering scams worldwide. Bad actors are continuously adopting new tactics to deceive and steal from unsuspecting victims. ZachXBT Exposes $91 Million Crypto Scam  According to ZachXBT’s post on X (formerly Twitter), the scam involved attackers impersonating customer support representatives from a crypto exchange and a hardware wallet provider.  The stolen funds were subsequently funneled into Wasabi Wallet, a privacy-focused Bitcoin wallet. ZachXBT revealed that the theft transaction hash was da598f2a941ee3c249a3c11e5e171e186a08900012f6aad26e6d11b8e8816457.  Moreover, the theft address was bc1qyxyk4qgyrkx4rjwsuevug04wahdk6uf95mqlej. ZachXBT’s accompanying analysis, illustrated through detailed blockchain mapping, reveals the complex network of addresses used to launder the funds. Multiple deposits into Bitcoin mixers further obscured the trail. “Coincidentally this theft happened on the one year anniversary of the $243 million Genesis Creditor theft,” ZachXBT noted. Social Engineering Crypto Scam Funds Movement. Source: X/ZachXBT ZachXBT also advised that to avoid falling victim to social engineering scams, it’s crucial to treat every call or email with skepticism, assuming it’s a scam by default.  Meanwhile, social engineering scams, which rely on manipulating individuals rather than exploiting technical vulnerabilities, have become increasingly prevalent in the crypto space. Recent reports corroborate this trend.  For instance, in a separate case, a scammer posed as a senior UK police officer to steal $2.8 million (£2.1 million) in Bitcoin. North Wales Police revealed the scam began when the attacker contacted the victim, claiming they had arrested someone with the victim’s personal documents.  The scammer convinced the victim that their assets were at risk. Furthermore, they instructed the victim to secure their cold storage by logging into a fake website. The victim entered their seed phrase on the fake site, allowing the…

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more