Human-Targeted Fraud

ZachXBT alleges on social media and Telegram that the scammer, known by the alias Haby (Havard), carried out operations starting in late 2024. Haby reportedly stole 21,000 XRP (approximately $44,000) and an additional $560,000 through Bitcoin wallets.

Leaked group chats reveal that by February 2025, Haby was boasting a wallet balance of $237,000. Videos show the scammer actively conducting social engineering calls and sharing contact information, with his flashy lifestyle compromising operational security.

ZachXBT has called on Canadian authorities to intervene. Haby’s lack of remorse toward victims and the abundance of evidence make the case relatively straightforward, though Canadian law enforcement rarely prosecutes such cyber crimes.

1/ Meet Haby (Havard), a Canadian threat actor who has stolen $2M+ via Coinbase support impersonation social engineering scams in the past year blowing the funds on rare social media usernames, bottle service, & gambling. pic.twitter.com/bBqrV7GmPi

— ZachXBT (@zachxbt) December 29, 2025

Tracking Stolen Crypto

On December 30, 2024, Haby shared a screenshot showing 44,000 USD worth of XRP stolen from a Coinbase user. The funds were sent to the XRP address rN7ddvk4DrGHZUrBfNARJEEAbPkky9Mwcz. A few days later, Haby posted another screenshot from his Exodus wallet, exposing his Telegram and Instagram accounts. ZachXBT matched past balances to identify a second XRP address.

This new address was linked to approximately $500,000 in two additional Coinbase support frauds. Investigations revealed Haby converted the stolen XRP to Bitcoin via instant transactions. Time analysis helped ZachXBT identify Haby’s Bitcoin address. The traced chain revealed multiple addresses were used, and further investigation uncovered three more Coinbase support scams, generating over $560,000 for the scammer.

Human Psychology in Web3

The case illustrates a growing security crisis in the crypto ecosystem. Scammers now target human psychology as much as technical vulnerabilities. North Korean actors attempting over $300 million in fake meetings and Ponzi schemes in India confirm this trend.

Crypto users must remain vigilant beyond technical security measures, as trust and haste remain the scammers’ most potent tools.

Social engineering losses in 2025 mark new breaking points for Web3 security, emphasizing that user caution is unavoidable.

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According to Chainalysis, the total cryptocurrency stolen from individual wallets and exchanges reached $2.17 billion during the same period. This represents a 35% increase compared to the same period last year. Moreover, around 23% of the stolen assets came from individual wallets, highlighting the growing security risks for personal crypto holdings.

Crypto Thefts in the First Half of 2025

During the first six months of 2025, cyberattacks on cryptocurrency exchanges resulted in significant losses. Financial Times reported on November 9, 2025, that the total stolen assets exceeded $2 billion. The largest single incident, the Bybit hack, attributed to North Korean-linked groups, involved approximately $1.5 billion in stolen funds. These figures underscore the need for investors to adopt stricter security measures.

Why Investors Are Moving to Their Own Wallets

Centralized exchange custody solutions carry significant risks due to high-volume attacks. Hardware wallets provide protection by keeping private keys under user control, reducing vulnerability to hacks.

Additionally, self-custody solutions help minimize the risks associated with centralized exchanges and increase the overall security of crypto assets.

The Importance of Self-Custody Solutions

Hardware wallets and cold storage systems are critical for investors. By storing crypto assets offline, these solutions prevent potential hacking attempts. Experts predict that self-custody practices will become increasingly popular in the future.

Hardware wallet manufacturers report a significant increase in sales due to growing security concerns. Ledger, Trezor, and Tangem stand out in the market. Analysts note that both individual and institutional users are turning toward secure storage solutions.

Benefits of Self-Custody:

• Full control over assets

• High protection against cyberattacks

• Reduced centralized exchange risk

• Long-term investment security

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Hack Details and Impact 

Abracadabra Money has now been attacked for the third time in the past two years. In 2024 and 2025, it lost $6.49 million and $13 million, respectively. According to blockchain researchers @officer_cia and Weilin William Li, the attacker exploited a vulnerability in Abracadabra’s smart contracts. Around $1.7 million in MIM tokens was withdrawn and swapped for ~395 ETH. 

• All affected smart contracts have been paused. 
• The attacker bypassed payment controls to quickly transfer the funds. 
• Abracadabra team has not yet released an official statement. 

Market Reaction and Precautions 

Abracadabra Money previously lost $13 million in a March 2025 hack. The recent attack has increased community calls for stress tests and comprehensive smart contract audits. 

According to CoinMarketCap, Magic Internet Money (MIM) saw a 16.98% drop in trading volume. The 60-day price decline reached 40.26%, while the 90-day increase recorded 19.83%. This underscores the sensitivity of investor confidence. 

The incident reignites discussions on security measures in the DeFi sector. Experts emphasize that proactive security testing and rigorous smart contract audits are critical. 

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With $44 million stolen, the crypto world is once again reminded of its vulnerabilities.

Attack Originated from Internal Liquidity Account

According to CoinDCX CEO Sumit Gupta, the breach stemmed from an internal account used for liquidity provision with another exchange. Hackers drained $44 million through what Gupta described as a “sophisticated server breach.”

“No user funds were affected,” Gupta assured. “The compromised account was isolated swiftly, and the loss will be covered entirely by our treasury reserves.”

Funds Traced Across Chains

On-chain analyst ZachXBT traced the attacker’s wallet back to Tornado Cash, where it was funded with 1 Ethereum. The stolen funds were then partially bridged from Solana to Ethereum, making tracking difficult.

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The incident echoes a similar hack on WazirX—another Indian exchange—exactly one year ago to the day, which resulted in a $235 million loss. Analysts see the timing as a grim reminder of persistent cybersecurity gaps in the crypto sector.

Wave of Recent Crypto Exploits

• Nobitex (Iran): $100 million stolen on June 18; source code leaked.
• GMX V1: $40 million drained on July 9, later returned for a $5M bounty.
• Arcadia Finance: $3.5 million lost due to smart contract exploit.

These repeated breaches stress the urgent need for better risk management in both centralized and decentralized ecosystems.

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Why Are North Korea’s Crypto Thefts Significant? 

North Korea has been conducting cyberattacks on crypto exchanges for years. These attacks have now become one of the regime’s main sources of income. Since 2023, hackers have stolen billions of dollars in cryptocurrencies. These funds are supporting nuclear weapons and missile programs. G7 leaders will develop strategies to counter this threat. 

Moreover, North Korea’s hacker groups are targeting vulnerabilities in blockchain technology. Teams like the Lazarus Group are hitting exchanges with sophisticated methods. These attacks are undermining the credibility of the crypto market. The summit will seek solutions to these issues.

What Topics Are on the Table at the G7 Summit? 

The summit in Canada will take place in mid-June 2025. G7 leaders will closely examine North Korea’s cyber activities. Cybersecurity measures and international cooperation are among the key topics. Leaders may propose new regulations to enhance the security of crypto exchanges. According to blockchain analytics firm Chainalysis, North Korea-linked hackers carried out over $1.3 billion in hacks through 47 crypto heists in 2024. However, the summit will not focus solely on North Korea. The regulation of the global crypto market will also be discussed. 

Solutions for Global Security and the Crypto Market 

The G7 Summit could take concrete steps against North Korea’s crypto thefts. International cybersecurity agencies may strengthen their cooperation. The White House has officially claimed that North Korea uses these crypto thefts to fund destructive weapons. Additionally, crypto exchanges security protocols could be tightened. These measures will protect investors and bolster the market’s reputation. 

The G7 Summit is addressing one of the crypto world’s biggest challenges. The summit will be a significant step toward resolving this issue. 

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Value of Stolen Bitcoins from Hack Has Multiplied

The approximately 120,000 Bitcoin seized during the hack was worth $71 million at the time. However, when the US Department of Justice seized these assets in 2022, their value had increased to $3.6 billion. Today, the total value of these Bitcoins has reached approximately $12 billion.

Recovery Process and Developments

On July 6, 2023, Bitfinex received $312,219.71 in cash and 6,917 BCH from the US Department of Homeland Security. These funds will be used to repay the “Recovery Right Tokens” offered to investors following the attack.

On October 25, 2020, concerns arose when approximately $20 million worth of crypto was moved from wallets under US government control.

Legal Process and Status of Defendants

Defendants Ilya Lichtenstein and Heather Morgan were sentenced in November 2024 after pleading guilty to money laundering charges. Since their arrest in February 2022, authorities have recovered approximately $10 billion worth of stolen assets. Other seized assets will be subject to separate processes.

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Surge in Centralized Exchange Exploits

With overall crypto losses in the second quarter of 2024 exceeding $600 million, there was a 100% rise over last year. Losses on centralized exchanges accounted for 900% of the main cause of this explosion in stolen money. The study links this change to the concentration of assets on these platforms and maybe inadequate security policies.

“This quarter has seen a notable change in attack paths; centralized exchanges (CEX) bear the most of the major incidents, while decentralized finance (DeFi) systems show improved resilience” the research said.

Nature of Attacks and Notable Incidents

With over $490 million of the stolen money in Q2 alone coming from access control breaches—often in the form of phishing attacks—smart contract vulnerabilities accounted for less than $70 million withdrawn. DeFi protocols’ quick response to freeze corrupted smart contracts has shielded consumers, even if dangers still exist when hackers discover fresh weaknesses.

One well-publicized incident was the May hack of Japanese bitcoin exchange DMM, which exposed a private key and caused losses of over $300 million. Furthermore, in June Turkish bitcoin exchange BtcTurk lost around $50 million to hackers.

Recovery of Stolen Funds and Future Threats

With a 42% increase in recovered monies in Q2 compared to last year, victims are having better success in recovering their stolen money even if theft is rising. Still, 76% of missing money never comes back. Cyvers also spoke of potential dangers from artificial intelligence and quantum computing, which may provide hackers advanced new tools for evading onchain security systems.

In essence, even if distributed financial systems exhibit better resilience, centralized exchanges have evolved as the new ground zero for crypto attacks with major security concerns ahead.

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