WBTC Thief Spreads $71M Loot Across Crypto Wallets

After six days of no activity, stolen cryptocurrency funds from a recent $71 million wallet impersonation scam have started moving. The scam took place on May 3, when an investor fell victim to a wallet poisoning scam and sent $71 million worth of Wrapped Bitcoin (WBTC) to a fake wallet address. The scammer had created a similar-looking address and made a small transaction to the victim’s account, leading the investor to validate it and transfer 97% of their assets. The difference in characters between the real and fake address was hidden, making it difficult for the victim to notice.

Typically, hackers convert stolen cryptocurrencies into Ether (ETH) to make it easier to siphon off using privacy protocols like Tornado Cash. In this case, the 1,155 WBTC stolen was quickly converted to approximately 23,000 ETH and remained untouched in the scammer’s wallet for six days. On May 8, blockchain investigation firm PeckShield observed the stolen funds being laundered. The scammer began dividing up the loot and sending it to multiple crypto wallets to reduce traceability. Around 400 wallets were used to dilute the stolen funds, eventually spreading across more than 150 wallets. At the time of writing, the funds can still be traced back to the unknown scammer.

The article highlights that crypto scammers and hackers tend to be most active during bull markets. It also advises readers to refer to ‘s learners’ guide on how to safely store cryptocurrencies. A new type of scam has emerged that allows bad actors to drain users’ wallets without transaction approval. This particular scam targets tokens that comply with the ERC-2612 token standard, enabling “gas-less” transfers or transfers without the need for the wallet to hold ETH. The user must be tricked into signing a message to enable approval-less transactions. Investigation by reveals that the scam was orchestrated by a Telegram group that utilized a fake version of the Collab.Land Telegram verification system.

4 thoughts on “WBTC Thief Spreads $71M Loot Across Crypto Wallets

  1. It’s frustrating that scammers continue to find ways to exploit vulnerabilities in the crypto world. This scam targeting tokens that enable gas-less transfers is just another example of how we need to be constantly vigilant and stay updated on the latest security risks.

  2. I can’t believe scammers would go to such lengths to deceive people! It’s heartbreaking to hear about someone losing so much money. Stay safe out there and beware of fake addresses.

  3. This article really highlights the need for education and awareness in the crypto space. πŸ“šπŸŒ We should all take the time to learn about the various scams and security measures to keep ourselves protected. Stay educated, stay safe! πŸš€πŸ”’

  4. Scammers may think they’re getting away with it, but the crypto community is resilient and won’t let them succeed. Together, we’ll fight against these fraudulent activities and make the crypto world a safer place for everyone. Stay united!

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