Bitcoin News Today: Wasabi Wallet Obscures $91M Bitcoin Heist Amid Crypto's Social Engineering Plague

A high-profile Bitcoin investor reportedly lost 783 BTC, valued at approximately $91 million at the time of the attack, due to a social engineering scam in mid-August 2025. According to pseudonymous blockchain investigator ZachXBT, the incident occurred on August 19 when the victim was deceived by individuals impersonating customer support representatives from a hardware wallet manufacturer and a cryptocurrency exchange. The attacker gained access to the victim’s wallet credentials and executed a malicious transfer. As of the latest data, the value of the stolen Bitcoin had dropped slightly to around $88 million due to recent price fluctuations in the cryptocurrency market [3].

Following the initial transfer, the stolen funds were routed through a privacy-focused Bitcoin wallet known as Wasabi Wallet, which is widely used to obscure transaction trails. Multiple deposits were made into the wallet, a tactic consistent with typical money laundering processes in the crypto space. The use of Wasabi Wallet, which suspended services for U.S. users in 2024, underscores the persistent challenges in tracing stolen digital assets and highlights the role of privacy tools in facilitating such crimes [3].

This attack bears a striking resemblance to a similar incident that occurred exactly one year prior, in which an individual lost $243 million through a similar social engineering scheme. That case targeted a creditor of collapsed crypto lender Genesis and involved attackers impersonating members of Google’s support team. Two individuals were later arrested in Florida in connection with the theft, which led to the acquisition of luxury items and real estate [3]. The recurrence of such attacks demonstrates the ongoing vulnerability of even experienced crypto participants to sophisticated social engineering tactics.

The broader crypto ecosystem has seen a significant rise in scam-related losses this year. In the first half of 2025, crypto investors lost an estimated $3.1 billion to hacks and scams, with the majority of losses attributed to wallet compromises and phishing attacks [1]. CertiK, a blockchain security firm, reported in June that over $2.1 billion had been stolen from crypto-related attacks within the first five months of the year, emphasizing the persistent threat posed by both targeted and opportunistic fraud.

Blockchain sleuths and security experts continue to emphasize the importance of vigilance in mitigating such risks. ZachXBT advised users to adopt a default mindset of skepticism toward unsolicited communications, suggesting that individuals should assume any unexpected call or email is a scam attempt. The attack also underscores the need for improved education and multi-layered security protocols, particularly for users managing large sums in digital assets [4].

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)

[2] Bitcoin Investor Loses $91 Million to Social Engineering Scam (https://finance.yahoo.com/news/bitcoin-investor-loses-91-million-215220517.html)

[3] Bitcoiner loses $91M in social engineering attack: ZachXBT (https://cointelegraph.com/news/bitcoiner-loses-91m-social-engineering-attack-zachxbt)

[4] Victim Loses $91M in Bitcoin in Social Engineering Scam (https://finance.yahoo.com/news/victim-loses-91m-bitcoin-social-181358791.html)