On April 21, a wallet linked to former Binance CEO Changpeng “CZ” Zhao received 90 million fake GROK tokens, according to blockchain security firm PeckShield.

The tokens were distributed using a multisend method to multiple wallets, which PeckShield described as a likely scam operation.

No Official GROK Cryptocurrency

Musk’s Grok chatbot, integrated into X, has no official token and no plans to release one. Still, scammers launched fake GROK tokens on Ethereum as early as 2023, which eventually saw a 90% price drop after minimal sales — a classic pump-and-dump pattern.

Trust Exploited Through Celebrity Branding

Scammers often impersonate trusted brands or celebrities to lure victims. In 2024, Meta was the most impersonated company in phishing reports, while Coinbase led the crypto sector in being targeted by fake accounts.

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A fake livestream pretending to be an official “AI Elon Musk giveaway” promising $20,000 in crypto was recently flagged as well.

Several Elon Musk-related memecoins have also launched on BNB Smart Chain, most lacking any real foundation or legitimacy.

Phishing Remains a Billion-Dollar Threat

Techniques like address poisoning continue to mislead users into sending funds to fraudulent wallets. According to CertiK, phishing scams have cost the crypto industry over $1 billion across 296 incidents in 2024 alone.

As scams become increasingly sophisticated, users are urged to verify projects thoroughly before interacting with any new token or crypto offer.

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According to blockchain security firm CertiK, the most significant loss was the $13 million smart contract exploit of the Abracadabra.money decentralized lending protocol on March 25.

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Major Code Vulnerabilities and Wallet Breaches

• Code vulnerabilities accounted for over $14 million in losses.
• Wallet compromises resulted in over $8 million being stolen.
• The Zoth protocol suffered a $8.4 million loss after its deployer wallet was compromised.

Some Funds Were Recovered!

While over $33 million was stolen in total, decentralized exchange aggregator 1inch successfully recovered most of the $5 million stolen in a March 5 exploit after negotiating a bug bounty agreement with the attacker.

However, blockchain investigator ZachXBT claimed that an unidentified Coinbase user lost 400 Bitcoin ($34 million).

Additionally, the Australian Federal Police warned 130 people on March 21 about a crypto scam impersonating exchange sender IDs.

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The event began with a sudden sell-off of GIGA tokens on November 12. The investor, who goes by the pseudonym “Still in the Game,” revealed they had fallen victim to a hack:

“Today’s massive sale happened because one of my wallets was drained via a fake Zoom link. This is tough, but I’ll stay in the game.”

According to the investigation firm Scam Sniffer, the victim clicked on a fake Zoom meeting link that led them to a site designed to steal crypto wallet security information. The phishing site installed malware on the victim’s device, which allowed the hacker to consolidate assets from three separate wallets into one, seizing all funds.

Onchain Lens, an analytics firm, reported that the hacker stole 95.3 million GIGA tokens, valued at $6.09 million. The hacker converted the stolen GIGA tokens into stablecoins, including $2.1 million worth of Solana (SOL), Tether (USDT), and USD Coin (USDC). The hacker then transferred the stablecoins to a different wallet and moved an additional 700 SOL tokens to the KuCoin exchange.

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The United States Federal Bureau of Investigation (FBI) and a forensic team are involved in the investigation to recover the stolen funds. After the incident, the victim expressed optimism about recovering their loss, saying, “I’ll make it all back and more. Just watch me.”

This event has once again highlighted the critical importance of crypto security. In particular, large exchanges like WazirX have increased security efforts following a recent $235 million cyberattack. WazirX founder Nischal Shetty announced plans to build a decentralized exchange (DEX) where users would have full control over their assets. This platform aims to let users manage their assets freely and includes a DEX token for platform fees and governance.

Crypto investors are strongly advised to be cautious when clicking links and to double down on authentication measures to protect themselves from such cyberattacks.

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The post The Reason Behind the Major Drop in GIGA Revealed! appeared first on Coin Engineer.

1,750 Ether was sent to a wallet beginning with the characters “0x105c.” 2,613 ETH was sent to a wallet starting with “0x278d,” an additional 3,730 ETH to an address beginning with “0x408d,” and, finally, roughly 1,865 ETH was transferred to an address beginning with “0xxfaf2.” Data from Arkham Intelligence indicated that Shixing Mao, the founder of F2 Pool, might have compromised the wallet; this information has not yet been confirmed.

Cryptophishing attempts surged substantially by 215% in August 2024. The August phishing report of security company Scam Sniffer shows that the combined losses from the hostile assaults for the month topped $66 million. Targeting the victim’s proxy ownership, the security company found one wallet missing an incredible $55 million from a single phishing effort.

According to a September 2024 Blockaid analysis, the notorious Angel Drainer—a malicious phishing tool targeting bitcoin users—was upgraded to the more recent AngelX. Within just four days, the recently improved phishing tool distributed over almost three hundred phishing-distributed apps (DApps).

A Blockaid spokesman at the time voiced worries about the improved AngelX phishing tool aiming at “newer” blockchain systems like Tron and The Open Network. A newly enhanced control panel is one of the most concerning aspects of AngelX since it gives malevolent actors unmatched power to design tailored and ever more advanced phishing scams.

According to a Sept. 11 Scam Sniffer investigation, search engine DuckDuckGo showed bogus Etherscan websites. The security company said that these dangerous links let users connect MetaMask wallets, therefore enabling hackers to access money once the wallets are linked.

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