Crypto fraud: Investor loses 71 million USD due to nasty trick
2 min readCrypto 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.
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.
Crazy!
Someone lost 1,155 $WBTC($71M) due to a phishing attack.
How did it happen?👇
6 hours ago, this guy created a new address" 0xd9A1b0B1e1aE382DbDc898Ea68012FfcB2853a91" and transferred 0.05 $ETH to this new address.
A scammer generated an address with the same starting… pic.twitter.com/iiFloZBTga
— Lookonchain (@lookonchain) May 3, 2024
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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