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Summary
- North Wales Police are probing a Bitcoin theft amounting to $2.8 million (£2.1 million), where a cybercriminal impersonated a senior detective.
- The fraudster informed the victim that their personal information was recovered from the phone of a recently apprehended individual, coercing them to “secure their funds” through a phishing link.
- Authorities observed that cybercriminals are employing increasingly “sophisticated social engineering tactics” to target veteran crypto investors utilizing cold storage solutions.
Wales Police are examining a remarkable Bitcoin theft worth $2.8 million (£2.1 million), where a scammer impersonated a senior detective to gain the victim’s trust.
In a statement, North Wales Police mentioned that this incident highlights a disturbing new trend targeting seasoned crypto investors using cold storage methods.
Currently, it is suspected that the victim’s information may have been compromised in a data breach, enabling this “highly targeted and advanced scam” to occur.
The victim received a call from a “senior U.K. law enforcement officer” who asserted that their personal information had been found on the device of a recently arrested individual.
Utilizing fear and urgency techniques, the scammer persuaded the victim to “secure their assets” by accessing their cold storage through a phishing link.
Under the impression they were acting on police advice, the victim entered their seed phrase into a “highly advanced but fake” website.
It took only moments for the assets to be withdrawn, and the Cyber Crime Team of North Wales Police is currently working to trace the funds.
In a Facebook post, the police emphasized that their detectives would never contact members of the public regarding their crypto holdings or cold storage devices, labeling this as a “significant red flag.”
Anyone approached by someone claiming to be an officer should hang up and directly call the police to confirm the integrity of the contact.
The post further stressed that legitimate entities and law enforcement would never request a seed phrase.
Evolving Scam Strategies
North Wales Police noted that this incident demonstrates how scammers are continuously adapting their strategies, stressing that even seasoned investors need to remain alert.
“They are not just after new investors; they are designing intricate social engineering schemes to deceive even the most vigilant holders,” the statement concluded.
Worldwide, cybercriminals are utilizing more sophisticated methods to exploit crypto holders. Earlier this month, the FBI alerted that scammers are disguising themselves as law firms to target victims of prior crypto thefts and advised the public to adopt a “zero trust attitude.”
Last year, British police forces received enhanced authority to seize crypto from criminals, but recovering these assets remains uncertain.
Earlier this month, Lancashire Constabulary revealed that they managed to recover funds taken in December 2017 and converted into Bitcoin by the offenders. The victim was later reimbursed, with the force benefiting from a $665,000 gain due to the appreciation of the criminals’ Bitcoin holdings.
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