Bitcoin Investor Loses $91M In Social Engineering Scam

How The Attack Happened

The victim was targeted through a fake hardware wallet support agent. By posing as legitimate customer support, the attacker convinced the victim to hand over wallet credentials. Once obtained, the malicious actor immediately transferred the funds and began laundering them through Wasabi Wallet, a privacy-focused tool frequently used to obscure blockchain transactions.

This incident is part of a broader trend of crypto social engineering attacks that have plagued the industry over the past year. According to reports, crypto investors lost $3.1 billion in the first half of 2025 alone due to hacks and scams.

Echoes Of the Genesis Creditor Theft

The hack occurred exactly one year after the $243 million Genesis creditor theft in 2024, a case that shook the crypto world. That event eventually led to the arrest of 12 suspects in California in May 2025, highlighting how large-scale crypto crimes often take months, if not years, to unravel.

Industry Impact

This latest theft underscores the growing threat of social engineering in crypto security. Unlike traditional hacks that exploit code vulnerabilities, these scams manipulate human trust—often the weakest link in digital asset protection.

As the number of crypto hacks and scams continues to rise, experts stress the importance of:

 - Verifying official support channels.

 - Using hardware wallets safely.

 - Never sharing seed phrases or recovery keys with anyone, even supposed support agents.

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