$7 Million of Stolen BTC Frozen Amid Social Engineering Scam Targeting Elderly HODLER

In a recent revelation by on-chain analyst ZachXBT, approximately $7 million of the estimated $330 million in Bitcoin (BTC) pilfered from a prominent U.S. Bitcoin holder has been successfully frozen. The operation involved collaboration between Binance’s security team and various investigative authorities. This incident, identified as a social engineering scam, targeted an elderly individual, underscoring the vulnerabilities associated with cryptocurrency security. In total, 3520 BTC was misappropriated and subsequently laundered through multiple exchanges, with some assets reportedly converted into Monero (XMR). This event highlights the pressing need for heightened security measures within the crypto ecosystem and the effectiveness of cross-platform cooperation in mitigating theft losses.