Summary Points
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A U.S. elderly investor lost over $330 million in BTC due to a social engineering scam, resulting in 3,520 BTC being drained from an inactive wallet since 2017.
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The stolen funds were laundered through six exchanges and converted to Monero (XMR), causing a 50% price spike due to limited liquidity.
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Ongoing investigations led by blockchain detective ZachXBT have ruled out North Korea’s Lazarus Group, suggesting independent hackers as the likely culprits.
- The crypto industry suffered significant losses in early 2025, with over $1.6 billion stolen, including a notable $65 million loss from previous scams targeting Coinbase users.
Did a $330 Million Scam Fuel Monero’s 50% Price Surge? ZachXBT Weighs In
A recent $330 million scam has raised questions about the impact of cybercrime on cryptocurrency markets. In a startling revelation, blockchain detective ZachXBT reported that an elderly U.S. investor lost 3,520 BTC through a sophisticated social engineering attack. This theft occurred over the weekend, as the victim unknowingly provided access to their digital wallet.
After the theft, the stolen Bitcoin moved through various exchanges before converting to Monero (XMR). Unlike Bitcoin, Monero is a privacy-focused currency. This makes tracking transactions nearly impossible, which is likely why it gained 50% in value following the massive transaction.
The investigation into the theft continues. ZachXBT suspects independent hackers, not groups like North Korea’s Lazarus Group, may be behind the crime. He previously uncovered another scam involving Coinbase users, where $65 million vanished due to similar tactics.
This year has seen an alarming rise in digital thefts. In the first quarter alone, over $1.6 billion in digital assets were stolen, mostly from high-profile exploits. These incidents highlight vulnerabilities in the crypto space, prompting the need for stronger security measures.
Monero’s unique privacy features make it attractive in a market increasingly fueled by scams. As technology evolves, so do the tactics of digital criminals. The surge in Monero’s price illustrates the intertwined relationship between security breaches and cryptocurrency valuations.
As the industry grapples with these challenges, discussions surrounding fraud prevention and regulatory measures grow more vital. Experts contend that addressing these issues can lead to a stronger, more resilient cryptocurrency ecosystem.
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Disclaimer
This content is for informational and entertainment purposes only and does not constitute financial or investment advice. Cryptocurrency is highly speculative and carries significant risk, including the potential loss of your entire investment. Do not make financial decisions based on this information. Consult a licensed financial advisor before investing. This site does not offer, sell, or advise on cryptocurrency, securities or other regulated financial products in compliance with SEC and applicable laws. Please do your own research and seek professional advise.
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