Bitcoin News Today: Wasabi Obscures $91M Heist as Crypto Scams Hit $3.1B in 2025

A victim lost $91.4 million in a social engineering scam after a fraudster impersonated a hardware wallet support agent and convinced them to hand over wallet credentials, according to blockchain sleuth ZachXBT. The incident occurred on August 19 and involved the theft of 783 BTC. Following the initial malicious transfer, the stolen funds were routed through Wasabi Wallet, a privacy tool known for obfuscating transaction trails [1]. This scam is part of a broader trend of social engineering attacks in the cryptocurrency sector, which has led to $3.1 billion in losses for investors in the first half of 2025 [1].

The use of Wasabi Wallet to launder the stolen funds highlights the challenges in tracing illicit transactions within the cryptocurrency ecosystem. Privacy tools like Wasabi are designed to enhance user anonymity by breaking the traceability of transactions, but they are also frequently exploited by malicious actors to hide the origins of stolen assets [1]. This scam occurred exactly one year after the $243 million Genesis creditor theft, a significant event that had a ripple effect across the industry [1].

ZachXBT, a prominent figure in the crypto security space, reported the incident, emphasizing the growing threat of social engineering attacks in the sector. According to their analysis, these types of scams are increasingly common, with attackers relying on psychological manipulation to trick victims into revealing sensitive information [1]. The attack aligns with broader patterns observed in the first half of 2025, where social engineering has emerged as a dominant vector for cybercrime in the crypto industry [1].

Experts have pointed to the vulnerabilities in user education and security protocols as contributing factors to the success of such attacks. While many crypto platforms offer tools for securing digital assets, users are often the weakest link, especially when interacting with impersonators who mimic legitimate customer support representatives [1]. This incident underscores the urgent need for heightened awareness and the adoption of multi-layered security measures, including two-factor authentication and cold storage, to mitigate the risk of social engineering attacks [1].

The broader implications of this incident reflect the ongoing challenges in securing the crypto ecosystem. With the industry maturing, the sophistication of attacks is also evolving, necessitating robust regulatory frameworks and technological safeguards. As investors continue to allocate significant capital to digital assets, the frequency and scale of such scams highlight the critical need for a collaborative approach between platforms, users, and regulators to ensure the long-term sustainability and trust in the cryptocurrency market [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)