Nick Neuman, CEO of Casa, recently had a conversation with a scammer and shared insights on November 20 via X (formerly Twitter). The scammer described a process involving phishing notifications that falsely claim a password change request has been canceled, prompting the victim to click on a malicious link.

The scammer revealed that their targets are primarily CEOs, CFOs, and software engineers, adding, “We don’t call poor people. Our data shows a minimum of $50,000 in holdings.” They also admitted that many targets’ information is sourced from databases belonging to companies like Unchained Capital.

Phishing Tactics and Techniques

The ultimate goal is not to steal passwords but to convince victims to transfer funds into wallets controlled by the scammers. To launder stolen crypto, they use tools like Tornado Cash and convert funds into privacy-focused cryptocurrencies like Monero (XMR).

The scammer also pointed out that accessing company databases is “too easy,” comparing the crypto space to the “Wild West.” For cashing out, they avoid KYC-compliant exchanges and prefer tools like hardware wallets (e.g., Ledger).

Rising Crypto Phishing Attacks

According to Web3 security firm Scam Sniffer, crypto phishing scams resulted in over $127 million in stolen funds during Q3 2024.

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