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$91M in Bitcoin Vanishes in Social Engineering Heist: Funds Already on the Move
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$91M in Bitcoin Vanishes in Social Engineering Heist: Funds Already on the Move
Aug 23, 2025 3:13 PM

Social engineering scams have proved to be one of the damaging attack vectors in crypto, which are capable of bypassing technical defenses and draining platforms or users of staggering sums.

In the latest development, a victim lost 783 Bitcoin, worth approximately $91 million, in such an attack.

Hackers Impersonate Wallet Support

Prominent on-chain investigator ZachXBT reported that the attackers impersonated both exchange and hardware wallet customer support. Blockchain data shows the thief has already laundered the stolen funds through the privacy-focused Bitcoin wallet Wasabi.

The incident coincidentally occurred on the one-year anniversary of the $243 million Genesis Creditor theft.

ZachXBT explained that large-scale breaches have left massive amounts of personal information exposed online, which makes it easier for threat actors to exploit victims. By leveraging these data leaks, attackers can convincingly impersonate exchange or wallet support, gain trust, and ultimately carry out such scams.

When asked by a community member how one can avoid falling victim to social engineering, ZachXBT offered a blunt but practical piece of advice: treat every call or email as a potential scam by default.

Social Engineering: A Dominant Attack Vector

TRM Labs recently highlighted the growing dominance of social engineering in crypto-related thefts. The firm found that the first half of 2025 witnessed a record $2.1 billion stolen through hacks and exploits. Over 80% of losses were tied to infrastructure intrusions such as compromised private keys and seed phrases, which were often made possible through social engineering tactics or insider threats.

The average hack size also doubled compared to 2024, as it hit $30 million during the same period. TRM noted that the Bybit incident in February, attributed to North Korean state-sponsored actors, was the largest crypto hack in history, as it accounted for nearly 70% of total losses. Beyond that mega theft, dozens of other attacks occurred in January, April, and May, with several exceeding $100 million each.

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