Cryptocurrency investors awaiting reimbursements from bankrupt digital asset firms FTX and BlockFi have fallen victim to a sophisticated email scam, as reported by online blockchain sleuth Plumferno.
False Promise of Instant Withdrawals
According to Plumferno, scammers targeted FTX and BlockFi claimants with seemingly legitimate emails offering instant withdrawals of their remaining balances. These fraudulent emails purported to be updates from the restructuring teams of the troubled exchanges, enticing affected users with promises of accessing their funds.
Exploiting Frustrations, Amassing Millions
Despite the legitimate hopes of reimbursement following BlockFi’s court-approved plan in October 2023, scammers have capitalized on creditors’ frustrations, accumulating at least $7 million worth of digital assets and NFTs.
Plumferno highlighted the stealthy nature of the scam, noting that many affected creditors were unaware of the ongoing theft, particularly from dormant wallets linked to the BlockFi bankruptcy.
Utilization of Compromised Email Data
The perpetrators leveraged a network of compromised emails obtained from Mailer Lite’s data breach in January. Plumferno pointed out the correlation between the fake BlockFi emails and the MailerLite database breach, suggesting a direct link to the stolen email addresses.
Signs of Scam Unveiled
The scam first came to light after a significant influx of approximately $4.5 million in Ether entered the scammers’ wallet. Additionally, reports indicate that scammers acquired high-value NFTs, including Mutant Apes and Otherdeed.
As authorities continue their investigation, crypto investors are urged to remain vigilant against such phishing attempts and to verify the authenticity of communications from cryptocurrency platforms.
Image by Mohamed Hassan from Pixabay
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