Home Coins Blockchain Bitcoin Ethereum How to Mining NFT Press releases Regulation Most Featured
Coins by Cryptorank

After Stealing $71 Millon in WBTC, Crypto Hacker Attempts Refunding

Author Avatar
By Christian Webster - - 5 Mins Read
A hacker in a mask
Photo | Pixabay

Recently, a crypto trader got completely fleeced out of a life-altering amount of crypto, only for the hacker to shockingly start giving some of it back!

The $71 Million Rug Pull That Rocked the Crypto World

Let's rewind about a week ago. An unsuspecting trader somehow fell for one of the oldest tricks in the crypto scammer playbook: getting duped by a fake wallet address in a phishing attack.

From the report, the scammer created a wallet address that looked practically identical to the trader's real one.

We're talking the exact start and end digits, with just a sneaky little swap in the middle.

Before the trader could say "rug pull,"  they had sent a skull-numbingly colossal sum of 1,155 WBTC (wrapped bitcoin) valued at around $71 million directly into the scammer's crafty trap of a wallet.

Also read: 3 Hours is Enough Time to Sell Stolen NFTs; See How

The Mysterious White Hat Hacker?

At this point, you're probably thinking, "Wow, that poor trader is totally destroying their crypto cave in rage after such a devastating heist."

But here's where the twist comes in that flips the whole story on its head—the hacker started sending money back!

The crypto analytics wizards at Lookonchain spotted the bizarre phenomenon of the scammer actually refunding chunks of the stolen crypto.

As of now, they've sent back around 4,676 ETH worth a cool $14.2 million.

A Pang of Conscience or a Bounty Hunting Ploy?

The refund gesture raises a million-dollar question (no pun intended): Why would a fraudster give back millions after achieving one of the most significant heists in the crypto world?

Do they suddenly develop a conscience and think, "Well, $57 million in illegal profits is sufficient for me?"

Or is it some strange scheme where they are hoping to receive even more significant rewards by returning some of the funds?

This situation has occurred before, such as when the DeFi protocol Poly Network was shockingly hacked for over $600 million, but the hacker returned every cent in an unprecedented move.

Perhaps this WBTC scammer is attempting to pull off a similar stunt.

The Scary Rise of Crypto Scams (and an Eye-Popping NFT Heist)

Unfortunately, stories like this $71 million rug pull are becoming all too common in the world of cryptocurrency.

Scammers are constantly developing new and sophisticated ways to separate people from their hard-earned crypto and NFTs.

Just last week, the security pros at PeckShieldAlert uncovered a massive phishing scam that swiped over $145,000 worth of prized Bored Ape NFTs from an unlucky trader.

The cunning fraudster, known as "PinkDrainer," managed to deceive the victim and acquire three extremely valuable Bored Ape NFTs.

Those highly sought-after digital artworks were quickly resold on the open market for a whopping 48.5 ETH ($145k)!

How to Survive the Crypto Jungle

Despite the huge and legitimate potential in the crypto market, it's crucial to keep a watchful eye out for scammers at all times. They are everywhere and can hit you when you least expect it. So, be cautious and stay alert to protect yourself from their deceitful tactics

Firewall up your security protocols, never interact with anything remotely sketchy, and be wary of seemingly "too good to be true" offers.

Set up multi-factor authentication, use legit hardware wallets, and always quintuple-check wallet addresses and transaction details. One tiny lapse in judgment can cost you everything.

The crypto world is like a modern-day wild west—oodles of potential riches, but also more than a few snake oil salesmen looking to part you from your money. Just watch your back, stay vigilant, and secure your bag!