Unprecedented $68 Million Loss in Bitcoin (BTC): A Cautionary Tale for Crypto Investors

• A mysterious trader has lost $68 million worth of Wrapped Bitcoin (WBTC) in a single transaction due to an “address poisoning” scam.
• The theft was first revealed by onchain security firm Cyvers in a post on May 3.
• According to CoinStats, the victim, with a “0x1E” wallet, lost over 97% of their total assets worth over $67.8 million.

A mysterious trader loses $68 million in WBTC due to an “address poisoning” scam, highlighting the ongoing threat of crypto scams.

Crypto Scams Continue to Pose a Threat!

Scams continue to shake mainstream trust in the crypto sector. In April, investors lost at least $33 million in digital assets in a fraud case surrounding the ZKasino gambling platform. Dutch authorities arrested a suspect related to the ZKasino scam on April 29.

Decrease in Crypto Scams and Attacks

Despite the ZKasino incident, only $25.7 million worth of cryptocurrency was lost due to scams and attacks in April. This figure marks the lowest historical figure seen since the on-chain intelligence firm CertiK began tracking data in 2021. According to the report, losses from hacks, exploits, and scams decreased by 141% compared to the previous month. The decline is largely due to the non-seizure of private keys. In April, only three private key leaks occurred, while in March, more than 11 attacks were carried out through the seizure of private keys.

Conclusion

The recent loss of $68 million in WBTC due to an “address poisoning” scam serves as a stark reminder of the risks involved in the crypto sector. Despite a reported decrease in scams and attacks, investors are urged to conduct thorough research before making any investment or trading decisions.