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Massive Hardware Wallet Scam: Victim Loses $280M as Funds Move to Monero

Popular on-chain investigator ZachXBT revealed on Friday {that a} sufferer misplaced over $282 million price of BTC and LTC due to a {hardware} pockets social engineering rip-off.

The stolen funds had been transformed to Monero (XMR), which was among the many causes behind the asset’s large value improve that started final week. The on-chain sleuth added {that a} large portion of the swiped BTC was bridged to Ethereum, Ripple, and Litecoin by way of THORChain.

The crypto neighborhood was fast to decide up THORChain’s posts on X. Some members blamed the platform’s social media crew for bragging about enabling and even “celebrating” crime.

Others outlined the risks of social engineering scams, which put even funds on {hardware} wallets in danger. Such scams are sometimes carried out by way of pretend accounts impersonating a beautiful lady who has instantly fallen for the sufferer, although they’ve by no means met.

At the time of the occasion and earlier than the swaps to XMR started, the privateness coin traded at round $450. It exploded to consecutive all-time highs within the following days, with the newest occurring on January 15 when it neared $800.

Since then, XMR has retraced closely, maybe as the attackers offloaded among the proceeds, and now sits beneath $630.

The publish Massive Hardware Wallet Scam: Victim Loses $280M as Funds Move to Monero appeared first on CryptoPotato.

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