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A Bitcoiner has lost 783 BTC, worth $91 million, in one of the largest individual social engineering scams in crypto history. The theft, first reported by blockchain investigator ZachXBT, underscores the growing risks posed by impostors posing as hardware wallet and exchange support staff.
$91M Bitcoin Theft Laundered Through Wasabi Wallet
According to blockchain data, the victim transferred 783 BTC in a single transaction on Tuesday at 11:06 am UTC. The attacker received the funds at a fresh Bitcoin address before moving them through Wasabi Wallet, a privacy-focused platform designed to obfuscate transaction trails. Laundering began the following day, making it harder for investigators to trace the stolen coins.
ZachXBT ruled out the North Korean Lazarus Group as a suspect but warned that highly organized scammers are exploiting user trust to devastating effect. The attack also coincided with the one-year anniversary of the $243 million Genesis creditor theft.
Scammers Impersonating Wallet Providers
The crypto industry has seen a surge in scams where attackers impersonate hardware wallet companies such as Ledger and Trezor. In April, fake Ledger letters circulated, urging users to enter their recovery phrases under the guise of a “critical security update.” Earlier this year, an elderly U.S. citizen lost $330 million worth of Bitcoin to a similar social engineering exploit.
These cases highlight how criminals are refining their methods to target both seasoned investors and vulnerable individuals, exploiting fear and urgency to gain access to wallets.
Also Read: $14.5B Bitcoin Hack at Chinese Miner LuBian Revealed by Arkham Intelligence
Crypto Theft Remains a Multi-Billion Dollar Problem
The incident adds to the $2.1 billion already stolen in crypto-related hacks and scams during the first five months of 2025, according to CertiK. Most losses stem from phishing, wallet compromises, and exchange exploits, with February’s $1.4 billion Bybit hack standing out as the year’s largest breach.
The $91 million Bitcoin theft reinforces the need for extreme caution when interacting with unsolicited messages or support requests. As ZachXBT advises, users should assume that every unexpected call, email, or message is a scam until proven otherwise. With social engineering continuing to siphon billions from the industry, investor vigilance remains the most effective defense.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses
I’m your translator between the financial Old World and the new frontier of crypto. After a career demystifying economics and markets, I enjoy elucidating crypto – from investment risks to earth-shaking potential. Let’s explore!
