Imagine a world where your bank calls you, warns you that your account is at risk, and somehow expects you to believe it’s your bank. Now, replace “bank” with “scammers in shiny disguises,” and you’ve got the current wild west of crypto. Binance, the digital wolf in some shiny sheep’s clothing, has issued a warning – not that anyone really listens until their Bitcoin does a Houdini act of a million dollars.
Recently, a poor soul had enough trust in support lines that they handed over 783 BTC – roughly $91 million in crypto Monopoly money – to a bunch of increasingly inventive shysters. It was a social engineering scam, which is just a fancy way of saying: “They tricked someone into giving away their keys, like a well-meaning but gullible chicken handing over the family jewels.”
“On Aug 19, 2025, a user decided to believe they were talking to the real deal and not a bunch of digital con artists. They shared sensitive info, and suddenly, their wallet was as empty as a politician’s promises.”
– ZachXBT (@zachxbt) August 21, 2025
The scammers? They faked support staff from the victim’s crypto exchange and even their hardware wallet – because what’s better than fake tech support in a world where trust is more fragile than your grandma’s fine china? The hackers then took a shortcut-very, very expensive-straight to depositing what they stole into Wasabi, the crypto version of a secret underground vault where nobody’s supposed to find it.
Binance’s Public Service Announcement: Don’t Take Random Texts from Strangers!
While ZachXBT didn’t drop the exact exchange the victim used, chinese crypto whisperer Colin Wu reports Binance was quick to sound the alarm. Apparently, scammers are running around with the usual “your account’s at risk” sob stories-except they’re texting it to you, just enough to make the average user’s heart flutter with caution or, more likely, panic.
“Binance warns users: If you get a text saying you’re about to be robbed, scammed, or your account’s at risk – it’s probably the scam. They’ll never call you first. You know, unless they’re actually your grandma calling to ask about the grandkids.”
– Wu Blockchain (@WuBlockchain) August 21, 2025
What do these sneaky messages say? “Trouble? Your device logged in from Atlantis,” or “Vital transfer detected, call support NOW!”-all designed to scare users into clicking links or giving out their precious passwords. Once scammers have this info, the crypto is as good as sold, which in their world means “game over.”
Hacken, the crypto watchdog with a penchant for bad news, reports that these social engineering scams have drained at least $600 million in the first half of 2025 – roughly enough to buy a small island or perhaps a decent yacht for a hacker posse. That’s nearly one-fifth of total losses across crypto platforms, proving that being gullible might just be the most profitable scam of all.
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2025-08-21 23:23