Photo by Kanchanara on Unsplash
Bitcoin Investor Loses $91 Million To Social Engineering Scam
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Sarah Frazier Former Content Manager
A cryptocurrency investor lost 783 Bitcoin—around $91 million—on Tuesday after falling victim to a social engineering scam. Blockchain investigator ZachXBT revealed the fraud on Telegram and social media, explaining that malicious actors impersonated customer support agents from the investor’s hardware wallet provider.
In a rush? Here are the quick facts:
- A cryptocurrency investor lost 783 Bitcoin, around $91 million, this week.
- Malicious actors impersonated customer support agents from the investor’s hardware wallet provider.
- Blockchain investigator ZachXBT revealed the fraud on Telegram and social media.
According to Coindesk , the attack resembles other scams reported this year, contributing to an estimated $3.1 billion in losses for crypto investors during the first half of the year.
After getting the funds, the scammers made multiple deposits into a privacy-focused wallet service called Wasabi Wallet, which is often used to obscure transaction trails.
On Aug 19, 2025 a victim fell for a social engineering scam and lost 783 BTC ($91M) after exchange and hardware wallet customer support were impersonated. The stolen funds began to peel off and deposits to Wasabi were made by the threat actor. Coincidentally this theft… pic.twitter.com/gglShNo2UC — ZachXBT (@zachxbt) August 21, 2025
“The stolen funds began to peel off, and deposits to Wasabi were made by the threat actor,” explained the investigator ZachXBT. “Coincidentally, this theft happened on the one year anniversary of the $243M Genesis Creditor theft.”
ZachXBT did not disclose the names of the impersonated companies or the aliases of the suspected scammers. Following the Genesis theft mentioned by the investigator, U.S. authorities arrested two individuals linked to the crime —in an investigation in which ZachXBT collaborated as well.
The recent theft has renewed concerns about blockchain security and the growing sophistication of social engineering and other cybercrime tactics. Multiple users commented on ZachXBT’s post on the social media platform X. “How does this even happen?,” wrote one user. “Genuinely makes you worry about digital assets, sometimes cash really does feel somewhat safer.”
Last year, the FBI issued an alert over social engineering techniques used by cybercriminals to steal funds. “Obtaining personal information through these techniques gives cybercriminals the ability to invade a victim’s network, steal victim data, and extort victims by threatening to release private data,” the agency warned.
According to a recent report shared in January, more than 332,000 victims lost around $500 million in cryptocurrency through wallet drainer scams in 2024.
Photo by Hal Gatewood on Unsplash
Russia Orders Pre-installation Of Messenger App MAX On Phones And Tablets
- Written by Andrea Miliani Former Tech News Expert
- Fact-Checked by Sarah Frazier Former Content Manager
The Russian government announced on Thursday that the state-backed messaging app MAX must be pre-installed on all smartphones and tablets sold in the country starting September 1.
In a rush? Here are the quick facts:
- Russia ordered the pre-installation of the state-backed messaging app MAX on all smartphones and tablets starting on September 1.
- The announcement has sparked debate and raised concerns about surveillance and government control over citizens.
- MAX competes with WhatsApp and Telegram, and has been designed to evolve into a larger platform, similar to China’s super-app WeChat.
According to Reuters , the messaging app will be integrated with government services, and all devices must also include RuStore, Russia’s domestic app store, pre-installed, even on Apple products.
Another app, LIME HD TV, a platform that allows citizens to watch local TV channels for free, will be pre-installed on all smart TVs starting on January 1 next year.
The announcement has sparked debate and raised concerns about surveillance and government control over citizens.
MAX, launched in March by the state-controlled social media group VK, competes against similar platforms such as Telegram and WhatsApp, which have been recently restricted in Russia . The government banned voice calls last week, claiming the platforms enable fraud and terrorism.
Other foreign social media platforms, such as X, Instagram, and Facebook, are also banned in the country. A few months ago, Russia also fined Google over videos on YouTube encouraging Russian soldiers to surrender.
According to CNN , MAX doesn’t provide end-to-end encryption like WhatsApp and Telegram, increasing the risk of accessing users’ data. The app has been designed to grow and evolve as China’s WeChat super-app, a platform that includes multiple apps and features in one service and is likely under state surveillance.
MAX has over 18 million downloads, while WhatsApp recently reached 96 million monthly users, and Telegram reached 89 million.
Anastasiia Kruope, a researcher at Human Rights Watch, has been reporting on Russia’s bans on foreign social media platforms and websites.
