Shocking $15M Crypto Scam Exposed: How Phishing Operation Mimicked HitBTC Exchange

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In a shocking revelation, a scammer or a group of scammers have reportedly used a sophisticated phishing method to steal approximately $15 million worth of cryptocurrency on a fake version of the well-known crypto exchange, HitBTC. Crypto compliance firm MistTrack disclosed the news in a Twitter thread, claiming that the phishing website was strikingly similar to the original HitBTC platform, but featured a small difference in the URL, luring users into the trap.

The swindlers reportedly took a wide range of digital assets, including Bitcoin, Ether, Tether, and various other cryptocurrencies. The scam website’s modus operandi was to gain unauthorized access to users’ holdings when they clicked ‘Approve’ on browser-based wallets, such as MetaMask, subsequently compromising their holdings.

MistTrack’s Twitter thread also revealed four crypto addresses that allegedly belong to the scammers, all of which have been pinned down for their suspicious activities. One of the addresses, a Bitcoin account, transacted more than 400 times and received over 52 BTC since its creation in July 2022, which is worth around $1.4 million today.

Furthermore, the Tron address contained 242 USDT received in a single transaction, and the first Ethereum address held a few thousand dollars of stablecoins following an extensive transaction history with various ERC-20 tokens since June 2022. The collective wallets have received an estimated $15 million in stolen assets.

According to MistTrack, the phishing offenders control several other active illicit websites, indicating that the group might be orchestrating an extensive network of deceptive platforms.

Phishing schemes continue to plague crypto exchanges, and exchanges falling victim to these scams become prone to detrimental financial losses. The ideal solution to combating such attacks is for users to meticulously verify the browser’s URL and ensure it matches the official websites before proceeding with login or deposits.

As of now, HitBTC has not issued any statements regarding the ongoing phishing incident. While the crypto world eagerly awaits further developments and potential security enhancements, this latest news serves as a stark reminder of the importance of vigilance and skepticism in a rapidly expanding, technology-driven era.

Source: Cryptonews

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