In what appears to be the latest high-profile crypto heist, a sophisticated scam has resulted in the theft of $250,000 in cryptocurrency from MoonPay executives. The attackers employed a complex blend of SIM swap attacks and social engineering tactics to gain unauthorized access to digital wallets. Not exactly amateur hour.
The scammers specifically targeted executives in the crypto industry, using SIM-swap techniques to take control of victims’ phone numbers. They tricked telecom providers into transferring control of the numbers, then used Twitter lookups to identify high-value targets. Classic digital mugging, really. Experts suggest using hardware wallets could have prevented unauthorized access to these funds.
These digital predators are perfecting the art of SIM-swap heists—modern mugging with a tech twist.
Onchain analysis by prominent investigators like ZachXBT traced the stolen assets and identified the broader scam network. The perpetrators, including a Canadian scammer identified as Yahya, quickly moved and laundered the funds through multiple wallets. This known scammer received over 390 ETH for his role in facilitating SIM-swap attacks across numerous victims. Money gone, just like that.
This incident comes amid a recent string of crypto thefts targeting public figures and industry insiders.
Single incidents have resulted in losses upwards of $1.5 billion, like the Bybit exchange hack.
Ponzi schemes, rug pulls, exit scams – billions gone.
North Korean hackers and organized crime groups continue feasting on vulnerable crypto assets.
Interestingly, the theft occurred against a backdrop of the Trump administration’s proposed “crypto reserve,” which would include major cryptocurrencies on the Federal Reserve’s balance sheet.
This proposal coincides with the removal of anti-money laundering measures and shuttering of the Department of Justice’s anti-kleptocracy initiative.
Convenient timing?
You decide.
Donald Trump and his family have personally dabbled in the crypto world, launching memecoins, while advisor David Sacks maintains investment interests in select cryptoassets.
The market surged following these announcements.
For victims of crypto theft, recovery options remain limited.
Funds typically disappear through layered wallet transactions and mixing services.
International networks facilitate the process, ensuring stolen crypto transforms into clean cash.
The decentralized nature of cryptocurrency makes it nearly impossible to trace pilfered funds once they’ve been moved through multiple wallets.
Another day, another crypto heist – $250,000 poorer but none the wiser.