Blockchain investigation links social engineering scheme to coordinated impersonation and onchain fund movements.
A sophisticated social engineering scam targeting cryptocurrency users has allegedly resulted in more than $2 million in losses, after a threat actor posed as a customer support representative for a major crypto exchange. The case highlights ongoing risks faced by retail users as scammers increasingly exploit trust in well-known platforms.
According to ZachXBT, the alleged attacker impersonated a customer support agent, contacting users and convincing them to disclose sensitive information or approve fraudulent transactions. These scams typically rely on urgency and authority, tricking victims into believing their accounts are at risk.
The investigation traced the individual by correlating wallet transactions, messaging platform activity, and public social media posts. Screenshots from group chats and leaked recordings reportedly show the scammer interacting directly with victims under the guise of providing technical assistance.
Despite efforts to obscure their identity—such as repeatedly changing usernames and deleting accounts—the individual allegedly left a consistent trail by publicly flaunting spending habits, including luxury services and online gambling activity. This behavior ultimately made it easier to connect onchain movements with offchain identities.
Support impersonation has become one of the most damaging forms of crypto fraud, particularly for newer users. These schemes often succeed because victims believe they are dealing with legitimate company representatives.
How Users Can Protect Themselves
Security experts advise users to avoid clicking unsolicited links, ignore cold calls, and always initiate support contact through official websites or apps. Using unique passwords, enabling two-factor authentication, and storing assets in hardware wallets can significantly reduce risk.
As crypto adoption grows, vigilance remains essential to staying safe from increasingly polished social engineering attacks.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.