Victim Recovers $71M in WBTC: Successful Retrieval After Major Dusting Attack on Cryptocurrency (WBTC)

• The crypto whale who lost $71 million worth of wrapped bitcoins (WBTC) via a dusting attack has recovered the stolen funds after negotiations with the hacker.
• According to a tweet by blockchain security firm PeckShield, the scammer began returning the funds on May 9 and completed the process on May 11.
• The whale’s woes began on May 3 after they mistakenly sent 1,155 WBTC to a wrong address placed in the transaction history via address poisoning.

A crypto whale recovers $71 million worth of WBTC lost in a dusting attack after negotiating with the hacker. The scammer began returning the funds on May 9 and completed the process on May 11.

Stealing $71M WBTC

The whale’s woes began on May 3 after they mistakenly sent 1,155 WBTC to a wrong address placed in the transaction history via address poisoning. An address poisoning or dusting attack is a scam in which a malicious actor sends a transaction of zero or negligible value to a victim’s wallet to make the address appear in their transaction history. These malicious addresses usually have similar starting and ending characters to those of the victim’s true wallets, making them undetectable on the surface.

The Recovery

Details of the negotiations between the scammer and victim are not available as it appears the discussion took place on Telegram. The victim first reached out to the scammer on May 5, offering a 10% in return for the stolen funds. In cooperation with blockchain cybersecurity firm Match Systems and crypto exchange Cryptex, the victim threatened to trace the funds if the attacker failed to respond by May 6. After a few days of silence, the scammer sent some ETH to the victim alongside a message requesting their Telegram handle for proper discussions. Following the talks, the attacker returned the loot in batches. It remains unknown why the malicious actor returned the assets in total, discarding the 10% bounty offer.

Conclusion

This incident serves as a reminder of the risks associated with cryptocurrency transactions and the importance of vigilance when dealing with digital assets. While the victim was fortunate to recover their funds, not all victims of crypto scams are as lucky. It is crucial to double-check all transaction details and ensure the security of one’s digital assets.