Bitcoin News Today: Bitcoin User Loses $91.4M in Social Engineering Scam After Impersonated Support Call

A victim suffered a $91.4 million Bitcoin theft on August 19, 2025, after falling for a sophisticated social engineering scam in which a fraudster impersonated a customer support agent from a hardware wallet provider [1]. The scammer convinced the user to disclose sensitive wallet information, leading to the unauthorized transfer of 783 BTC. The stolen funds were subsequently funneled through Wasabi Wallet, a privacy-oriented tool that complicates the tracking of transaction trails [1]. This incident is one of the largest cryptocurrency losses in the first half of 2025, underscoring the growing threat of social engineering attacks in the industry [1].

ZachXBT, an independent blockchain investigator, highlighted that attackers are increasingly exploiting user trust through impersonation of legitimate support channels [1]. This method allows scammers to bypass even technically secure systems by manipulating the human element of digital security. The attack mirrors similar tactics used in previous large-scale thefts, such as the $243 million Genesis debt-related fraud from the previous year [1]. These incidents reinforce the systemic vulnerability in the crypto space, where psychological manipulation often proves more effective than technical breaches.

The use of Wasabi Wallet in this case has reignited debates about the role of privacy tools in crypto crime. While these tools are designed to protect user anonymity, they are also frequently weaponized to obscure the movement of stolen assets. Analysts stress that this duality presents a regulatory and technical challenge: how to balance user privacy with the need for transparency in financial crime investigations [1]. The event has led to calls for stronger multi-factor authentication, improved user education, and greater adoption of cold storage solutions to safeguard digital assets [1].

Security researchers note that the rise in social engineering attacks reflects a broader trend of weak user education and outdated protocols in the crypto ecosystem. Despite the availability of robust security features, many users remain unaware of the risks associated with phishing, impersonation, and fake support channels. As the sector continues to attract large institutional and individual investments, the frequency of such attacks highlights the urgent need for coordinated action among platforms, regulators, and users to establish a more secure environment [1].

Source:

[1] Victim Loses $91M in Bitcoin in Social Engineering Scam (https://www.coindesk.com/business/2025/08/21/victim-loses-usd91m-in-bitcoin-after-social-engineering-scam-zachxbt)