A massive Bitcoin theft involving over $330 million in BTC has been confirmed to be the result of a targeted social engineering scam targeting an elderly American, according to blockchain researcher ZachXBT. Social engineering theft is often the result of a phishing scam, where the perpetrator uses malicious emails or links to gain the information and credentials necessary to access an individual's accounts, or in this case, their digital wallet. The incident, which involved the unauthorized transfer of 3,520 BTC (worth around $330.7 million at the time) from a single address, occurred on April 28. ZachXBT, a prominent blockchain analyst, explained that the attacker used social engineering tactics, which are common among hackers who leverage specialized crypto-related databases such as exchanges and services, to gain access to the victim’s wallet. Related News: BREAKING: Huge Surprise in Ripple (XRP) - Ripple Makes Offer to Acquire Circle, the Company Behind USDC - Here Are the Details Following the theft, the stolen BTC was quickly laundered through more than six instant trading platforms and converted into Monero (XMR), a privacy-focused cryptocurrency known for masking the identities of senders and recipients. The coordinated move led to a 50% increase in the price of XMR, underscoring the coin’s low liquidity and proneness to large trades. “There is something striking about the transfer of over 3,520 BTC that occurred on Monday,” ZachXBT said. “The timing of the laundering process and XMR market movements suggests a high level of planning, likely with coordinated activity in the derivatives market.” *This is not investment advice. Continue Reading: Identity of Person Who Lost $330 Million in Bitcoin and How Their Assets Were Stolen Revealed
