Monero's (XMR) 50% price increase may have been fueled by a $330 million scam, according to ZachXBT's evaluation.
Crypto Thieves Steal Half a Billion Dollars from Elderly U.S. Investor
In a chilling reminder of the dangers lurking in the cryptocurrency realm, a social engineering scam has managed to swipe a whopping $330 million in Bitcoin from an unsuspecting elder investor hailing from the United States. The pilfered stash represents a mind-boggling 3,520 BTC, which has largely rested dormant in the wallet since 2017.
Breaking Down the Heist
Insights shared by blockchain detective ZachXBT on April 28 shed some light on this shocking crime. Upon snatching the crypto, the thieves funneled the funds through a minimum of half a dozen centralized exchanges before converting the loot into Monero (XMR). This privacy-focused digital currency makes it a hassle to track transactions. Notably, the massive size of the transaction caused the token's price to surge by a mind-blowing 50% due to restricted liquidity.
Later, ZachXBT provided an unsettling update—the victim was none other than an elderly citizen residing within the United States. The heist occurred over the weekend, unfolding through a highly sophisticated social engineering strategy that tricked the target into unwittingly parting ways with the keys to their wallet. Such scams frequently employ emails or phone calls to harvest personal or confidential information.
An Ongoing Investigation
Investigations into the robbery are still underway, with ZachXBT keeping a close eye on the situation. Earlier, he hinted that the stolen BTC had originated from "intriguing" sources, stirring suspicions about their original acquisition. Meanwhile, some XMR enthusiasts speculated that North Korea's Lazarus Group might have been involved in the caper. However, ZachXBT has debunked these theories, suggesting instead that independent crooks are the most likely culprits.
This bold heist isn't the first instance of a social engineering attack being perpetrated in the crypto sphere this year. Back in February, ZachXBT uncovered a similar scheme involving Coinbase users, who lost $65 million in crypto in several such incidents between December 2024 and January 2025. The crypto industry has been reeling from losses in the first quarter of 2025, with over $1.6 billion in digital assets being stolen through various forms of hacking. A majority of these losses can be attributed to the staggering Bybit exploit, which accounted for a staggering 92% of the total, making it one of the most significant crypto thefts on record.
In January, nefarious actors made off with over $87 million, but February witnessed a surge in activities, with a jaw-dropping $1.53 billion being stolen. Further incidents pushed the damages up by another $126 million, including a $50 million exploit targeting Infini, a $9.5 million hack on zkLend, and an $8.5 million breach at Ionic.
Make the Most of Your Crypto Journey with Binance!Use this link to create a new account and reap a generous welcome offer of $600, exclusive for our website readers!
Or, don't miss out on the opportunity to open a $500 risk-free position on any coin with our limited offer at Bybit!
SourceGuide to Dealing with Social Engineering AttacksTop Cryptocurrency Scams of 2025Report on Q1 2025 Cryptocurrency Scams
Stay ahead of the curve with valuable insights and tips to secure your crypto journey:
- Avert disasters: Watch out for malicious links, phishing scams, and be wary of unsolicited communications
- Hardware wallet safety: Verify the authenticity of links before using them, and always contact support through pre-established channels
- Enhanced security: Utilize blockchain analytics and phishing-detection browser extensions to stay one step ahead of fraudsters.
- The cryptocurrency theft, which netted half a billion dollars in Bitcoin, has raised concerns about the dangers in the digital currency realm, particularly for the elderly US investor who was the target.
- According to blockchain detective ZachXBT, the stolen Bitcoin was funneled through multiple centralized exchanges and converted into Monero (XMR), making it hard to track transactions.
- Investigations are ongoing, but ZachXBT earlier hinted that the stolen Bitcoin might have originated from questionable sources.
- Past events indicate a rise in social engineering attacks in the crypto industry, illustrated by the Coinbase users who collectively lost $65 million in similar scams earlier this year.
- In Q1 of 2025, the crypto industry suffered losses amounting to over $1.6 billion, with a majority due to hacking, making it a challenging period for general-news enthusiasts and finance observers alike.
- Technology advancements extend to criminal activities as well, as seen in various forms of cryptocurrency theft and scams, emphasizing the importance of adopting enhanced security measures.
- To bolster security and remain up-to-date on the latest threats, follow best practices like verifying links, using hardware wallets safely, and staying alert for phishing scams and unsolicited communications.
