If you’ve always been skeptical of cryptocurrency, this story will likely confirm your suspicions, as it unveils a heist within a heist. A recent investigation uncovered the theft of $243 million worth of digital currency from a single individual—an event that highlights the ongoing risks in the crypto world.
On August 19, a creditor from the now-defunct trading firm Genesis became the victim of a sophisticated social engineering attack. The perpetrators posed as Google support technicians, tricking the individual into handing over sensitive information, including the private keys to their Bitcoin wallet. As a result, the scammers were able to reset the victim’s two-factor authentication and gain access to the funds.
The masterminds behind this elaborate scheme have been identified by renowned crypto investigator ZachXBT, who exposed them in a detailed thread on X (formerly Twitter). The trio—Malone Iam, Veer Chetal, and Jeandiel Serrano—executed their plan flawlessly, making off with 4,064 Bitcoin, valued at a staggering $243 million. To cover their tracks, they spread the stolen funds across 15 cryptocurrency exchanges and laundered them through multiple cryptocurrencies, including Monero, Ethereum, and Litecoin, making it difficult to trace.
Ironically, while they were experts in stealing, they weren’t so careful when it came to hiding their tracks. ZachXBT’s investigation revealed private video footage of the moment the scammers received the massive haul. Screenshots shared by Zach exposed the trio leaking their own names, as well as wallet addresses where they stored the stolen funds. Their social media posts showed them flaunting their newfound wealth, splurging on luxury watches, jewelry, and cars. One particularly telling screenshot shows one of the men offering a pink car to a woman as an “early birthday gift.” Her response? “I am taken once again.”
Authorities have since made progress in recovering some of the funds. Investigators have frozen $9 million worth of stolen assets, with $500,000 already returned to the victim. Two of the suspects, Iam and Serrano, have been arrested. One was apprehended in Los Angeles, while the FBI raided the other’s multimillion-dollar Miami beachfront rental on September 18.
This case serves as a stark reminder of the dangers of online scams, especially in the world of cryptocurrency, where the stakes are high and the risks even higher. Stay vigilant, protect your private keys, and never underestimate the lengths cybercriminals will go to in their pursuit of digital riches.
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