Mastermind of $71 Million Address Poisoning Scheme Launders 25K ETH
Just a few days ago, a group of cybercriminals orchestrated a clever scheme to deceive a trader, resulting in the theft of $71 million worth of Wrapped Bitcoin (WBTC). This incident highlights the growing sophistication of criminals in utilizing advanced technology to hide their ill-gotten gains.
The mastermind behind this scam has managed to launder a significant portion of the stolen funds, specifically 25,000 Ethereum (ETH), by employing a complex network of addresses and wallets. By utilizing a multi-tiered transaction scheme, the criminals were able to obfuscate the origin of these funds, making them incredibly difficult to trace.
According to a tweet by PeckShield Alerts, the hacker utilized a technique called “layering” to launder the stolen funds. This involved frequently transferring crypto assets from one address to another across various blockchain networks. By engaging in this meticulous process, the criminals aimed to confuse investigators and cover their tracks effectively.
The thieves converted the stolen WBTC into Ethereum and proceeded to circulate over 23,000 ETH through this intricate web of transactions. This case represents the largest address poisoning attack to date, in which scammers deceive victims by providing them with a fraudulent address that closely resembles the genuine one.
Phishing attacks have become increasingly common, with a report from Scam Sniffer revealing that such attacks resulted in $38 million in losses in April alone. However, this figure does indicate a positive trend, as it represents a 46% decrease compared to the previous month.
Despite this overall decline, theft on the Base chains experienced a significant increase of 145% from the previous month. Phishing remains a primary threat to ordinary users in the crypto space. Therefore, it is crucial to thoroughly verify any permissions or asset transfers before proceeding. Taking the simple precaution of manually entering an address can potentially save millions of dollars in crypto assets.
Tags: Hack