Chris Larsen Transferred $175 Million in XRP 

Blockchain analysis platform ZachXBT detected that Larsen moved a total of 50 million XRP across four different wallets between July 17-23. Larsen sent about 40 million XRP to known addresses belonging to crypto exchanges and third-party services. Additionally, he distributed 10 million XRP evenly between two new wallets. 

Despite this, Larsen’s wallets still hold 2.81 billion XRP, approximately $8.4 billion worth of tokens. XRP is a key asset used in Ripple cross-border payment network and is actively traded in the market. Recently, XRP’s price surged to $3.40 before experiencing a correction exceeding 12%. Larsen’s transfers to exchanges are generally interpreted as an intention to cash out. His XRP holdings represent approximately 4.6% of the total market capitalization, and a sale of this magnitude could create significant selling pressure in the market.

Increase in Ripple XRP Fraud Warnings 

These large transfers by Larsen come at a critical time when XRP-based scams are on the rise. Ripple CEO Brad Garlinghouse warned users on X about fake XRP campaigns. 

Garlinghouse pointed out that scammers target users with fake giveaways and phishing attacks on YouTube. Fraudsters impersonate Ripple officials using deepfake videos and fake airdrops to steal wallet information, leading to loss of assets. 

Ripple official account also reminded: 

“Ripple or our executives will never ask you to send XRP. Be cautious.” 

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The attackers demanded 40 BTC (approximately $4.3 million) from Gokal. Their posts included statements such as: “You should have paid 40 BTC” and “It was only 40 BTC… you should have paid.” Following these threats, the hackers posted a photo of Gokal holding his passport, his personal contact details, and images of an unidentified woman.  

Security Alarm in the Solana Ecosystem  

Additionally, they changed Migos’ Instagram bio. They promoted a new meme coin and shared links directing users to various Telegram groups. Security experts believe these groups aim to scam users with fake investment promises. Instagram removed the posts after about 90 minutes, but the content had already reached millions.  

Blockchain researcher ZachXBT revealed details of the attack on social media:  

“They targeted Gokal’s personal accounts. Using the information they gathered, they tried to extort money from him. It seems when he didn’t pay, they started exposing him. Today, they took over Migos’ account to spread this content.”  

Meanwhile, The Rollup co-founder Andy claimed that a Solana wallet balance belonging to a person named “Arvind” was also leaked in the posts. However, this person’s identity remains unclear.  

JUST IN: Hackers compromised rapper Migos’ Instagram account to leak Solana co-founder @rajgokal's passport, ID, and family pictures.

The materials appear to be KYC images, raising questions about whether the source may be linked to recent @coinbase data breach.

The caption… pic.twitter.com/wKEVKP1dFi

— SolanaFloor (@SolanaFloor) May 27, 2025

Gokal had warned his followers on X (formerly Twitter) days before the attack:  

“They tried to take over my email, social media, Google, and Apple accounts. If you see any suspicious posts about token launches or fundraising, know that it’s not me. Please be cautious.”  

The Solana (SOL) Foundation also issued an official statement regarding the incident:  

“This attack targeted Raj Gokal’s personal security. The Solana network and its projects were not affected. However, this event reminds everyone operating in the digital asset space to review their security.”  

The foundation also issued warnings to the community, emphasizing that users should trust only announcements from official channels. Additionally, they recommended basic security measures such as two-factor authentication, strong passwords, and regular account checks.  

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Crypto scams have been rapidly increasing recently. In particular, the zero-value transfer phishing method is threatening investors. In this method, scammers manipulate users’ wallet histories with zero-value token transfers. Users, mistaking fake addresses for legitimate ones, accidentally send their assets to scammers.  

An investor fell victim to two separate zero-value transfer scams within three hours, losing 843,000 USDT and 1.75 million USDT. According to Cyvers’ report dated May 26, 2025, this method employs a sophisticated onchain phishing tactic. Scammers exploit the token transferFrom function to add zero-value transactions to wallets, causing users to copy incorrect addresses. Additionally, between 2022 and 2024, 270 million address poisoning attempts were detected on Ethereum and BNB Chain. Of these, 6,633 were successful, resulting in losses of 83.8 million dollars.  

ALERTOur system has detected~2.6M $USDT loss from a targeted address poisoning scam involving zero-value transfers. A single victim was repeatedly scammed by the same attacker address.

First, the victim lost 843K $USDT.
About 3 hours later, the same victim sent 1.75M… pic.twitter.com/WWVlrZvavK

— Cyvers Alerts (@CyversAlerts) May 26, 2025

Address Poisoning and Security Measures  

Address poisoning is another method frequently used by scammers. In this technique, scammers create fake addresses that closely resemble legitimate wallet addresses. For example, they mimic the first and last characters of an address to deceive users. In one incident, an investor sent 71 million dollars’ worth of Wrapped Bitcoin to a fake address, but the scammer returned the funds. However, in similar cases, losses are often unrecoverable.

According to CertiK’s 2025 report, phishing attacks in 2024 caused losses exceeding 1 billion dollars. Users should carefully verify addresses before transactions. Using hardware wallets, enabling two-factor authentication, and updating software only from trusted sources enhance security. Additionally, conducting small test transactions can prevent significant losses.  

For instance, Scam Sniffer reported a 771,000-dollar loss due to address poisoning in February 2025. Users should regularly check their wallet histories and report suspicious transactions.  

Crypto Scam: 20 Million USDT Theft  

In a notable case, on August 1, 2023, a scammer successfully stole 20 million USDT through a zero-value transfer phishing attack. According to PeckShield’s report, the victim (wallet address: 0x4071…9Cbc) intended to send funds to 0xa7B4BAC8f0f9692e56750aEFB5f6cB5516E90570. However, the scammer used a similar fake address (0xa7Bf48749D2E4aA29e3209879956b9bAa9E90570) to deceive the investor. After the investor sent 10 million USDT from Binance to another address, the scammer intervened, manipulating the transaction history with a fake zero USDT transfer. As a result, the victim sent 20 million USDT to the scammer’s address.

Tether blacklisted the fake address approximately one hour after detecting the scam. This swift response drew attention in the crypto community. ZachXBT questioned Tether’s speed, suggesting that a “serious player” might be behind the incident. This event highlights that zero-value transfer scams caused over 40 million dollars in losses in 2023.  

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Changpeng Zhao (CZ), the founder of Binance, issued a serious warning to crypto users in a post on the social media platform X. He highlighted an increase in phishing attacks and urged users to take immediate precautions against these threats. 

Scammers often impersonate fake support representatives to steal user information. CZ emphasized that passwords should never be shared with anyone. Genuine support teams never ask for passwords. He also advised against clicking on links received via email. Users are recommended to type the URL directly into the browser to access sites. This method can prevent most phishing attacks. 

Password Security and Password Managers 

Binance’s CZ stated that the same password should not be used across different platforms. Each site should have unique and strong passwords. Password managers offer extra protection by recognizing fake domain names. These small but crucial steps can prevent significant losses. CZ said, “Use unique passwords for each platform. Password managers make this process easier.” 

Two-Factor Authentication and Hardware Keys 

CZ recommended hardware-based 2FA to enhance security. Physical security keys like Yubikey significantly reduce phishing attacks. These keys verify that the person logging in is really you. Research by Binance on users in Asia supports CZ’s words. According to data, 80% of users use two-factor authentication. However, the use of advanced security tools remains low. 

For example, only 21.5% use phishing prevention codes, and just 17.6% use IP whitelisting features. These figures indicate the need for users to develop more conscious security habits. 

Coinbase Incident and Increasing Threats 

Last week’s Coinbase incident revealed the seriousness of the threats. Some overseas support staff accepted bribes to gain access to customer information. This showed that not only technical but also human vulnerabilities pose significant risks. The crypto ecosystem is becoming increasingly complex day by day. The type and frequency of cyberattacks are rising. Therefore, users must not remain passive. It is important to remember that security is not only the responsibility of companies. 

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How Did Telegram Shut Down Haowang Guarantee?  

Telegram banned all Haowang Guarantee accounts, channels, and NFTs. The platform served scammers in Southeast Asia, processing $27 billion in Tether’s USDT. Elliptic’s July 2024 report triggered the operation. Haowang was notorious for money laundering and “pig butchering” scams. Despite signs of fraud and USDT laundering, its groups and channels operated on Telegram for years. Following a Wired investigation exposing the scale of P2P crypto fraud, Haowang lost its Telegram presence.  

The platform stated, “As all our NFTs, channels, and groups were blocked by Telegram on May 13, 2025, Haowang Guarantee will cease operations.”  

Xinbi Guarantee: A New Threat  

Elliptic revealed that Telegram-based Xinbi Guarantee processed $8.4 billion in USDT transactions. Active since 2022, Xinbi saw $1 billion in inflows in 2024. Telegram also deleted Xinbi-linked accounts. However, criminal networks are shifting to new markets like Tudou Guarantee. Experts warn that these shutdowns may not fully resolve the issue. Elliptic’s co-founder Tom Robinson said, “This is a cat-and-mouse game. These are big mice,” noting that crime syndicates may move to new platforms or less-regulated messaging services.  

What Is Telegram Doing Against Crypto Crime?  

Telegram is proactively combating crypto crime, halting Haowang and Xinbi’s combined $35 billion transaction volume. Countries like Australia and Germany are also cracking down on similar platforms. Platform swiftly closes accounts violating its terms of service. However, experts caution that criminals may find new avenues.  

Similarly, Australia blocked over 90 scam platforms, and Germany shut down eXch, linked to the Bybit attack. The fight against crypto crime is intensifying.  

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In a rule proposal released on May 1, the Treasury’s Financial Crimes Enforcement Network (FinCEN) urged US banks to terminate correspondent and payable-through account services for Huione.

Deputy Treasury Secretary Scott Bessent described Huione as the “marketplace of choice for malicious cyber actors,” accusing it of aiding the theft of billions from ordinary Americans.

$4B Laundered, USDH Highlighted

According to FinCEN, Huione laundered over $4 billion in illicit funds between August 2021 and January 2025, including at least $36 million from crypto “pig butchering scams” and $37 million directly linked to North Korean cyberattacks.

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Its online service Haowang Guarantee has turned Huione into a one-stop crypto laundering hub, offering illegal goods and converting crypto to fiat currency.

FinCEN also flagged Huione’s stablecoin, the USDH (US dollar Huione), for its unfreezeable nature, which allegedly supports laundering operations.

Indirect US Bank Access and Regulatory Action

While Huione doesn’t hold direct accounts with US banks, FinCEN revealed it maintains accounts with foreign intermediaries that do, giving it indirect access to the US financial system.

The National Bank of Cambodia revoked Huione’s local banking license in March 2025, citing digital asset violations.

The proposed rule will undergo a 30-day public comment period before potentially being finalized.

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Particularly in respect to the age of the victims, AFP Assistant Commissioner Richard Chin underlined the alarming trend the figures revealed. About sixty percent of those impacted were under the age of fifty, which runs counter to the general belief that older Australians are more likely to fall for frauds.

With “pig butchering” and deepfakes the most common types of fraud, the survey found that fraudsters usually use modern technological tools. Pig butchering scams include people building personal connections with their prey on social media or other internet platforms before enticing them into bogus investment schemes. Conversely, deepfakes use artificial intelligence (AI) to create convincing audio and video content—often incorporating well-known public personalities like Tesla CEO Elon Musk—to support false investment possibilities.

Chin stated that the AFP’s figures most likely just reveal the surface as many victims could be unaware they have been misled or may be too ashamed to document the incident. Emphasizing a key piece of advice, he stated, “if an investment opportunity sounds too good to be true, then it probably is.” Chin further said that pilfers of pilfers of stolen money from these businesses might maybe encourage human exploitation or money laundering in illegal narcotics or other forms.

Given losses thus far in 2024 totaling more than $68 million (AUD 100 million), investment scams remain the most major financial danger noted on the Scamwatch website run by the Australian Government. Fascinatingly, Scamwatch data show that most victims of these bogus schemes fell into the over-50 age group, therefore contradicting AFP results.

Authorities and financial professionals are urging Australians to use cautious and challenge offers of investment that seem too enticing given the rising frequency of crypto frauds.

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Understanding Pig Butchering Crypto Scams

Pig butchering scams are a form of investment fraud where scammers build trust with their victims over an extended period, often posing as friends, acquaintances, or romantic partners. They convince the victims to invest in what appears to be a legitimate cryptocurrency scheme, only for the scammers to disappear with the funds once invested, often after manipulating the situation to extract even more money by claiming fake losses or offering false opportunities for further gains.

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FBI’s Successful Recovery of $5 Million

In a notable case, the FBI, along with the U.S. Attorney’s Office for the Eastern District of North Carolina, managed to seize approximately $5 million from scammers involved in such a scheme. The funds were in the form of Tether, a stablecoin that maintains its value pegged to the US dollar, making it a significant win against the rising tide of these scams. U.S. Attorney Michael Easley commented on the situation, noting that Americans are losing substantial amounts of money to these scams as fraudsters transfer funds rapidly to overseas cryptocurrency accounts.

The recovery was challenging due to the sophisticated tactics used by scammers, such as employing multiple cryptocurrency wallets to obscure the trail of stolen funds. However, law enforcement agencies are becoming more adept at tracing and recovering stolen cryptocurrency as they adapt to the evolving methods of cybercriminals.

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With crypto investing as bait, the FTC advised people to “cut off contact” with online love interests who might be attempting to pilfer their money.

The Tactics of Crypto Romance Scammers

These con artists use long-term strategies, spending time to get to know their targets and foster relationships before launching their plans.

The FTC said that although most individuals do not suspect a love interest in defrauding them, romance scammers establish emotional ties with their victims, therefore facilitating the victims’ belief in the scammers’ claims of being cryptocurrency experts.

The government agency observed that these con artists excel in what they do.

FTC’s Warning Signs and Preventive Measures

The FTC cautioned consumers nonetheless that these con artists have already pilfer millions of dollars from gullible victims. The FTC put in writing:

“They want to help you invest your money in the crypto markets, or they say they can teach you how to do it. You might think they have your financial well-being in mind, but they don’t. They only care about their own financial well-being.”

The FTC also pointed out a few warning indicators suggesting a scammer might be the love interest. These indicators include guarantees of no risk, great gains, claims to be teaching financial secrets, and convincing people to contribute money.

The Federal Trade Commission warned customers that earnings from any investment cannot be guaranteed by anyone. Furthermore, the organization mentions that, including the crypto markets, all investments have hazards.

Consumers were urged by the government body to notify the FTC and the social network of the suspected crypto romance scammer’s use of possible fraud. The Federal Trade Commission also advised consumers who come across scammers to alert friends and relatives about the fraud.

International Alerts and Trends

Crypto-con artists hide on dating apps in Canada, trying to find summertime matches with Canadians. On May 29, the Canadian Anti-Fraud Centre (CAFC) observed a spike in romance and investment scams on social media, dating apps, and text messages.

Together, the CAFC and the Canadian Investment Regulatory Organization (CIRO) issued a warning on the frauds involving prolonged internet contacts. The authorities cautioned Canadians about individuals who advocate crypto trading and investment.

The government advised: “Over time, the scammer will suggest investing in an opportunity, often involving crypto assets.”

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Through the industry exchange of knowledge, the association hopes to fight financial scams and internet fraud.

The effort highlights the pervasive problem of fraud across all technological platforms by involving several tech sectors, including social media, cryptocurrencies, finance, and dating applications.

“We are pleased to declare the alliance Tech Against Scams official. Scams are a problem that affects all of technology and calls for an industry reaction. Coinbase said on X, “We’re dedicated to protecting and educating users together with industry leaders.”

One of the main goals of the Tech Against Scams partnership will be to inform consumers about scam techniques and avoidance measures. The association also intends to exchange threat intelligence and best practices to improve consumer safety and thwart the efforts of internet con artists.

As per the FBI’s 2023 annual internet crime report, the American people claimed losses from online fraud in excess of $12.5 billion during that year. Of such losses, $3.94 billion was associated with fraudulent bitcoin investments.

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