Senior citizen’s Bitcoin recovered with ZachXBT’s help

ZachXBT’s crypto investigations helped recover $275,000 in Bitcoin stolen from an elderly U.S. user in an apparent social engineering scam.

According to the blockchain sleuth, Indian impersonators stole around 15 Bitcoin (BTC) from a Coinbase user back in April. The scammers posed as support agents from the crypto exchange and successfully siphoned the victim’s life savings.

Bitcoin traded as high as $71,000 that month, valuing the user’s assets at over $1 million.

ZachXBT also noted that the Indian scammer group attacked other users and stole more than $5 million from several victims. The funds were laundered via Tron’s blockchain, centralized exchanges, and over-the-counter desks, ZachXBT said.

Screenshots shared by the investigator confirmed that U.S. authorities eventually seized the funds. It appears the victim will receive $275,000 back after the ordeal. While blockchain and crypto aim to decentralize finance and expand capital access, the nascent industry has become a hotbed for bad actors.

Hackers stole $120 million from protocols last month, according to PeckShield, and Scam Sniffer reported that users lost $43 million to phishing attacks in September.

Figures like ZachXBT have dedicated time and expertise to address the ongoing issue. The pseudonymous security actor has contributed to dozens of seizures, providing on-chain analysis and tracking down stolen funds.

Last month, Miami police arrested two scammers behind a $243 million Bitcoin heist with ZachXBT’s help. The individuals were also indicted on formal charges by the U.S. Department of Justice after flaunting the wealth stolen from a sole Genesis creditor.