A threat actor has been using social engineering tactics and pig butchering methods to steal funds from users' wallets. The scam, recently uncovered by Whitestream analysts, has resulted in the extraction of approximately $1.2 million. The stolen funds were directed to a single wallet before being sent to exchanges. The attacker lured victims to a website posing as an investment portal for Seed Crypto, tricking them into connecting their wallets and ultimately draining the funds. This type of scam, which targets mainstream users, has surpassed losses from attacks against crypto protocols. Data from a preliminary Cyvers overview suggests that an estimated $3.6 billion has been lost and laundered through this type of scam in the past year. The Huione Guarantee market has been noted as a tool to launder funds, with USDT and USDC being the main currencies used for moving funds. Interpol has called for removing the term "pig butchering" to avoid stigma and help victims seek assistance. Confidence scams, including those involving cryptocurrencies, have caused significant financial losses, with the US SEC estimating total losses at $5.6 billion for 2023.



Other News from Today