An elderly U.S. citizen has reportedly fallen victim to one of the largest individual cryptocurrency thefts to date, losing 3,520 Bitcoin valued at approximately $330 million. The incident, which occurred on April 28, 2025, involved sophisticated social engineering tactics that granted the attacker access to the victim’s digital wallet.
Blockchain investigator ZachXBT identified the unauthorized transfer and noted that the stolen funds were rapidly laundered through over 300 wallets and more than 20 exchanges, including Binance. The laundering process utilized a “peel chain” method, breaking the large sum into smaller, less traceable amounts.
A significant portion of the stolen Bitcoin was converted into Monero (XMR), a privacy-focused cryptocurrency known for its anonymity features. This conversion led to a temporary 50% surge in Monero’s price, highlighting the challenges in tracing such transactions.
Experts, including Yehor Rudytsia from Hacken, have emphasized the complexity of the laundering operation, which involved pre-established accounts across multiple platforms. The use of Monero and other privacy tools has significantly hindered efforts to recover the stolen assets.
This theft underscores the increasing sophistication of cybercriminals targeting cryptocurrency holders, particularly through social engineering. It also raises concerns about the effectiveness of current security measures and the need for enhanced protective strategies for digital assets.
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