Solana

Uniswap

ZachXBT

when

ERC20

<p><em><strong>ZachXBT reported a Crypto scam in which a scammer took away over $2.6 million in Solana tokens. This scam is making headlines, with a victim losing over $1.2 million.</strong></em></p>
<p>An on-chain detective named ZachXBT reported a bold heist that took place. In addition, the fraudster, who pretended to be Ansem, advertised a fake ‘BULL’ token presale in response to Ansem’s genuine tweets.&nbsp;</p>
<h2 class="wp-block-heading" id="strong-who-is-zachxbt-the-famous-crypto-scam-exposer-strong"><strong>Who is ZachXBT? The Famous Crypto Scam Exposer</strong></h2>
<p>ZachXBT is a well-respected figure in the world of cryptocurrency. This anonymous individual has gained notoriety for using their platform, X (formerly known as Twitter), to expose scams, hacks, and other unethical practices within the industry.&nbsp;</p>
<p>Dubbed a “crypto digital detective,” ZachXBT has played a crucial role in uncovering fraudulent activities and bad actors within the crypto space. However, his efforts have also resulted in legal entanglements, such as a defamation lawsuit filed against him by Jeffrey Huang, also known as the NFT Trader MachiBigBrother.</p>
<h3 class="wp-block-heading" id="strong-how-this-crypto-scammer-tricked-the-community-strong"><strong>How This Crypto Scammer Tricked the Community</strong></h3>
<p>This elaborate trickled to significant losses, with the most prominent victim losing nearly $1.2 million. Even after ZachXBT’s publication, the crypto scammers stole over $250,000. On the other hand, It’s worth noting that the fraudsters also keep using the same modus operandi on different accounts.&nbsp;</p>
<p>“Why would anyone send tokens to an account just like that when it takes a few lines of code to implement a sales smart contract?” asked Robert Sasu. He is a user shocked by the $2.6 million sent to an account.</p>
<p>This scam occurred during the rapid ascent of the Book of Meme (BOME) token. BOME is a meme coin on the Solana blockchain that gained traction quickly, especially after being listed on Binance.</p>
<h2 class="wp-block-heading" id="strong-a-concerning-report-by-scam-sniffer-strong"><strong>A Concerning Report by Scam Sniffer</strong></h2>
<p>In February, Scam Sniffer reported that roughly 57,000 people fell victim to crypto scams, resulting in collective losses of around $47 million. These scams were mainly phishing attacks executed on social media platforms.</p>
<p>Users lost 78% of the stolen funds, with the Ethereum mainnet being the most affected.<a href="https://www.thecoinrepublic.com/2024/03/13/ethereum-price-on-the-rise-will-it-continue-or-slump-soon/" target="_blank" rel="noopener noreferrer nofollow"> Ethereum</a>-based ERC20 tokens accounted for most of the losses, totaling $40 million.</p>
<p>There was a substantial theft of $6.2 million on a particular day in February, despite a 75% decrease in individuals losing over $1 million.</p>
<h3 class="wp-block-heading" id="strong-growing-scams-in-crypto-space-strong"><strong>Growing Scams in Crypto Space</strong></h3>
<p>Scammers are using increasingly sophisticated tactics. Impersonation of verified accounts of crypto entities on social media, especially on platform X, is a common practice. Their techniques include phishing signatures like Permit, IncreaseAllowance, and Uniswap Permit2.</p>
<p>Furthermore, scam victims increased by over 10,000 in just one month. However, there was a slight decrease in the total amount stolen. This trend highlights the growing threat of phishing attacks in the crypto ecosystem. Moreover, investors should be cautious and avoid falling for scams amidst the frenzy surrounding meme coins that promise quick returns.&nbsp;</p>
<h3 class="wp-block-heading" id="strong-summary-strong"><strong>Summary</strong></h3>
<p>ZachXBT, a respected on-chain detective, reported a heist that resulted in significant losses. Despite the publication, scammers used the same tactics to steal over $250,000. They impersonate verified accounts on social media, using phishing signatures like Permit, IncreaseAllowance, and Uniswap Permit2.</p>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author or any people named in this article are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks, cryptos, or other related indexes comes with a risk of monetary loss.</p>

Crypto Scam: Victim Lost Over $1.2 Million In a Recent Scam

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Thecoinrepublic.com

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