People behind Crypto Phishing Scams Are Getting CEOs to Lose Big

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Crypto isn’t just about making money but also about keeping it safe. There are various kinds of crypto scams but lately, crypto phishing scams have been causing some serious damage. These scams are targeting people with atleast $50k in funds. The high ranking people like CEOs, CFOs and software engineers are their only targets. Some of these scammers are making up to $35,000 in just a couple of days. It’s wild, and here’s how they’re pulling it off.

Scammers Know Exactly Who to Go After

It’s not random. These scammers are smart. They go after people with a lot of crypto—usually people who have $50,000 or more. They get their info from leaked databases, like the one from Unchained Capital. Once they know who they want to scam, they use things like an “auto-doxxer” to find more public information about the target. Then they send fake emails that look real. They’ll make it seem like the email is from a trusted source, like Coinbase. So when they send these links, people don’t think twice before clicking. And that’s how people get trapped in the crypto phishing scams.

How They Steal and Hide the Crypto

Once the scammer gets into your wallet, that’s it. They move the crypto to their own wallets, and it’s gone. But they don’t just let it sit there. They use tools like Tornado Cash to mix it all up. After that, they convert it to Monero, a privacy coin that’s hard to trace. Then they get a middleman to turn the crypto into cash without anyone noticing. It’s a pretty clean operation, and it’s how these scammers make money without getting caught.

What’s Next for Crypto Security?

The whole thing’s a bit like the “Wild West” right now. If you get scammed, there’s not much you can do about it. Crypto phishing scams keep getting more advanced. It is very much clear that along with system that needs to improve security, people also need to learn about crypto safety. For now, people like Nick Neuman are working to make others aware of how these scams work. Hopefully, with more awareness, things will get safer.

So, what now? Well, people need to be careful, keep their wallets secure, and hope that the crypto world gets better at protecting high-value accounts.