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ZachXBT, a pseudonymous blockchain researcher, claims to have successfully recovered the majority of funds from a stolen non-fungible token (nft).
On February 24, ZachXBT shared with its more than 505,000 followers on social media the results of a nine-month investigation into the theft of the DeGods #3251 nft. He revealed that the majority of the funds have been successfully returned to the victim.
The nft in question was sold for 99 Ether (eth), which amounted to approximately $177,000 at the time.
ZachXBT explained that it received a message from the victim in May 2023, shortly after the victim discovered his wallet had been emptied.
Who is ZachXBT?
ZachXBT conducts investigations of varying lengths, depending on the complexity involved.
It often uses simple diagrams to illustrate phishing scams and track fund movements, including through cryptocurrency mixers.
He expressed satisfaction in sharing successful fund recovery stories, emphasizing that while the process may be long, it is achievable.
ZachXBT also mentioned its intention to conclude its pro bono blockchain research work soon. This decision came after receiving feedback from frustrated X users who were hoping for help recovering stolen cryptocurrency, despite their clear stance that their services are offered for free.
He cited this frustration as a reason to soon discontinue his work on public goods, but it may take some time.
crypto Phishing Scams Drain Billions
Phishing attacks targeting cryptocurrency users continue to increase.
Among the various deceptive tactics are so-called “approval phishing scams,” in which scammers trick users into approving malicious blockchain transactions.
On January 22, a sophisticated phishing attack within the Web3 ecosystem resulted in the loss of aEthWETH and aEthUNI tokens worth $4.2 million.
Phishing attacks involve tricking people into divulging private keys or personal data, with perpetrators posing as genuine entities to gain trust.
Spear phishing, which involves phrasing emails to appear authentic, and ice phishing, in which victims unknowingly give up ownership of the token to scammers, are common forms of these types of attacks.
The United States Securities and Exchange Commission (SEC) has been actively fighting scams and phishing attacks by educating investors on how to recognize and avoid such fraudulent schemes.
