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Crypto fraud: Investor loses 71 million USD due to nasty trick

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Crypto investors actually have reason to be happy at the moment. The Bitcoin price is hovering around the 64,000 USD mark and has therefore risen by more than 45% this year alone. In the last 12 months, even more. Unfortunately, this is no longer of any help to the investor who actually only wanted to transfer his Wrapped Bitcoin (WBTC) to another wallet. He lost 1,155 Wrapped Bitcoin worth 71 million USD due to a mean trick. The money is probably gone forever.

Crypto fraud: Investor loses 71 million USD due to nasty trick

Investor: Wrong address copied

Wrapped Bitcoin is a form of Bitcoin based on Ethereum’s ERC-20 standard. It is therefore a way to transfer your Bitcoin to the Ethereum blockchain without having to exchange the two cryptocurrencies directly. This way, you can benefit from the advantages of both worlds and use the possibilities of Ethereum, but at the same time benefit from potential price increases in Bitcoin, since the value of the wrapped Bitcoin corresponds to that of BTC. However, the investor who sent 1,155 Bitcoin to the wrong wallet no longer has any of it.

Not an isolated case

Unfortunately, scamers are not uncommon in the crypto universe. The advantage of there being no central party like a bank that monitors transactions is of course shamelessly exploited by many. There is hardly a crypto project that does not advertise that there is an airdrop or fake X-accounts where only one character is different that try to lure you to a website.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.