Phishing Scam Costs Crypto Investor Over $6 Million
A significant phishing attack has resulted in a loss of $6.09 million for a prominent investor in the Gigachad (GIGA) token, raising alarms about security vulnerabilities within the cryptocurrency space.
The incident, which unfolded on November 12, involved a fraudulent Zoom meeting link that led the victim to a malicious website designed to capture sensitive wallet information.
The investor, known by the pseudonym “Still in the Game,” reported that their wallets were compromised after clicking on the deceptive link. In a transparent message to the community, they expressed their distress over the incident while affirming their commitment to continue investing in GIGA: “This hurts bad but I will be back. I will always stay in the game.”
According to Scam Sniffer, a crypto investigation firm, the phishing scheme not only drained funds but also installed malware on the investor’s laptop. This malware facilitated the transfer of 95.27 million GIGA tokens from three different wallets into one, which were subsequently cashed out by the hacker.
Onchain Lens, an analytics firm specializing in blockchain transactions, confirmed that the stolen GIGA tokens were exchanged for 11,759 Solana (SOL), valued at approximately $2.1 million. The hacker then converted these assets into stablecoins such as Tether (USDT) and USD Coin (USDC), moving them to various wallet addresses, including an indirect transfer of 700 SOL tokens to the crypto exchange KuCoin.
In response to this alarming theft, “Still in the Game” has engaged law enforcement authorities, including the FBI, and enlisted a forensics team to investigate and potentially recover the stolen funds.
Despite the uncertainty surrounding recovery efforts, the investor remains optimistic about recouping their losses amidst a bullish market trend: “I’m going to make it all back and more. Just watch me,” they stated.
This incident highlights ongoing security challenges in the cryptocurrency sector, particularly as phishing attacks become increasingly sophisticated.
Always examine the URLs of websites before entering any sensitive information. Scammers often create fake sites that closely resemble legitimate ones. Instead of clicking links in emails or messages, manually type the URL of the site into your browser to ensure its authenticity.
Bookmark the official websites of the crypto platforms you use and access them directly from your bookmarks instead of through search engines or links in emails. This minimizes the risk of falling victim to phishing sites.
For significant amounts of cryptocurrency, consider using hardware wallets, which store your assets offline and provide enhanced security against online threats.
As investors navigate this volatile landscape, vigilance and awareness of potential scams remain crucial for safeguarding digital assets.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information
