- ZachXBT succeeded in recovering $275,000 in stolen Bitcoin for an elderly victim.
- The scammers allegedly took more than $5 million from users.
ZachXBT, a blockchain investigator, has successfully recovered $275,000 in Bitcoin taken from an elderly user in the United States via a social engineering scheme. The present segment emphasizes the persistent difficulty of cryptocurrency-related crimes, as well as the efficiency of on-chain analysis in tracking stolen funds.
In April, a group of Indian scammers impersonated Coinbase support representatives, one of the leading cryptocurrency exchanges. They persuaded the victim, a Coinbase user, to give up control of their funds. The fraudsters stole around 15 Bitcoins, worth more than $1 million at the time when Bitcoin was priced at $71,000.
Ongoing Scams and Recovery Efforts
ZachXBT’s research discovered that this was not an isolated incident, the fraudulent attire is suspected of taking more than $5 million from other users. They laundered the stolen assets through Tron’s blockchain, controlled exchanges, and over-the-counter desks, making tracking the funds more difficult.
ZachXBT’s extensive on-chain research and collaboration with US authorities helped trace and recover a portion of the stolen Bitcoin, allowing the victim to receive $275,000 back. While this recovery does not fully compensate for the total amount stolen, it is an important milestone in the fight against crypto scammers.
ZachXBT has built a reputation for himself in the cryptocurrency industry through his tireless efforts to retrieve stolen funds. Just last month, his efforts resulted in the arrest of two scammers engaged in a big $243 million Bitcoin robbery. As scams and phishing attacks become more common, his work has gained a grip, underlining the importance of continual awareness in the cryptocurrency industry.
According to Scam Sniffer, customers lost $43 million to phishing scams in September alone, with a whopping $120 million stolen from multiple crypto protocols. The most recent recovery attempt emphasizes the need to identify and battle fraudulent schemes in order to protect users in the rapidly changing crypto ecosyste
Furthermore, the number of scammers using Bitcoin ATMs has increased alarmingly, with reported losses topping $110 million by 2023. Elderly adults are three times more likely than younger ones to fall for these scams.
