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In a $125 million social engineering scam, a crypto founder is the target

A social engineering scam attempt that could have cost him more than $125 million in Ethereum was thwarted by a crypto pioneer (ETH). The attempt demonstrates how clever and “super smart” hackers are becoming.

Cybercriminals utilize social engineering to acquire someone’s trust, frequently through deception. That’s, in order to steal sensitive information or cause them to do something “they wouldn’t do otherwise.”

So, Heather Morgan may have defrauded Bitfinex of $4.5 billion in this fashion.

Thomasg.eth is the pseudonymous founder of Arrow, a decentralized air transportation DAO in its early stages. He recounted how he was nearly socially engineered into handing away all of his ETH on Sunday.

The scammers went to great lengths to steal the founder’s money, including producing work for his project and participating in chats with several persons over the course of two weeks, according to the creator.

The fraud only failed because Thomasg.eth chose to utilize a new Ethereum address rather than his primary address when performing a favor for the hackers using non-fungible tokens (NFTs). The Arrow founder, writing on Twitter, said:

“For the past two weeks, I have been targeted in an extremely thorough social engineering scam”
“that nearly cost me all of my ETH. I’m super lucky to have made it through unscathed.”

According to Thomas.eth, a Discord user named Heckshine contacted him and offered to help him

“with 3D design and animation” for free. He agreed and assigned him a few duties. Heckshine is a prolific designer, and Thomasg is “impressed” by his commitment to the project.

Heckshine quickly put the Arrow DAO creator in touch with a ‘experienced’ industry acquaintance, Linh, who starts the swindle. Thomasg.eth agrees to hire Linh as a consultant.

She later persuaded Thomasg to use the staking service of an NFT project she was heading, Space Falcon. That’s, a popular gaming project on Solana with a domain name Linh had modified for fraud purposes. Linh sends a non-transferable token (NFT) to his ethereum address.
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