Ethereum

Wrapped Bitcoin

Bitcoin

Million

April

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/investor-loses-68-million-in-crypto-scam/" data-wpel-link="internal">Investor Loses $68 Million in Crypto Scam</a><br></p>
<p class="p1" style="text-align: justify">Significant developments continue to emerge in the cryptocurrency market. Accordingly, an unidentified investor lost $68 million worth of Wrapped <a href="https://en.coin-turk.com/bitcoins-rise-in-october-glassnode-analysts-predict-a-strong-finish-to-2023/" data-wpel-link="internal">Bitcoin</a> (WBTC) in a single transaction due to a scam method called address poisoning. The $68 million theft was first revealed in a post shared by blockchain security firm Cyvers on May 3.</p> 
<h2 class="p1" style="text-align: justify" id="68-million-dollar-attack">68 Million Dollar Attack</h2> 
<p class="p1" style="text-align: justify">In a post shared by blockchain security firm Cyvers via social media platform X, it was stated:</p> 
<blockquote> 
 <p class="p1" style="text-align: justify">“Are we mistaken or did someone really lose $68 million worth of WBTC? Our system detected that another address fell victim to poisoning and lost 1,155 WBTC.”</p> 
</blockquote> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347573 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/cyvers.jpg" alt="" width="1648" height="753"></p> 
<p class="p1" style="text-align: justify">According to another blockchain analysis platform CoinStats, the victim’s wallet “0x1E” lost more than 97% of its total assets, valued at over $67.8 million.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347572 size-full" src="https://coin-turk.com/wp-content/uploads/2024/05/coinstats-1.webp" alt="" width="1198" height="488"></p> 
<p class="p1" style="text-align: justify">Address poisoning, also known as address spoofing, aims to exploit the carelessness and haste of investors during transactions. It involves deceiving victims into sending their <a href="https://en.coin-turk.com/cryptocurrency-report-highlights-institutional-interest-and-market-trends/" data-wpel-link="internal">crypto</a> assets to fake addresses owned by scammers.</p> 
<h2 class="p1" style="text-align: justify" id="crypto-market-and-hack-incidents">Crypto Market and Hack Incidents</h2> 
<p class="p1" style="text-align: justify">Scams continue to shake mainstream confidence in the crypto industry. In April, investors lost at least $33 million in crypto assets in a fraud case surrounding the ZKasino platform. Dutch authorities arrested a suspect in the ZKasino fraud on April 29.</p> 
<p class="p1" style="text-align: justify">Despite the ZKasino incident, only $25.7 million worth of cryptocurrency was lost due to fraud and hacking in April. This marks the lowest historical figure since blockchain data analysis company CertiK began tracking data in 2021.</p> 
<p class="p1" style="text-align: justify">According to the report, losses from hacking, exploiting vulnerabilities, and scams decreased by 141% compared to the previous month. The decline is mostly due to a lack of private key compromises. Only three private key leaks were observed in April, and more than eleven attacks occurred in March through the capture of private keys.</p> 
<p class="p1" style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-347571" src="https://coin-turk.com/wp-content/uploads/2024/05/certik.webp" alt="" width="500" height="389"></p> 
<p class="p1" style="text-align: justify">However, CertiK’s figures do not include the $33 million ZKasino fraud. Although the report considers the project to be in the midst of a controversy, it has not yet classified it as a fraud. On April 22, ZKasino transferred all 10,515 <a href="https://en.coin-turk.com/is-dollar-cost-averaging-a-profitable-strategy-for-ethereum-in-2023/" data-wpel-link="internal">Ethereum</a> deposited by investors to the Lido staking protocol, intensifying investor concerns. CertiK’s report stated that the firm would update its figures if ZKasino is confirmed as a malicious actor.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/investor-loses-68-million-in-crypto-scam/" data-wpel-link="internal">Investor Loses $68 Million in Crypto Scam</a></h5>

Investor Loses $68 Million in Crypto Scam

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