$91M Bitcoin Stolen in Social Engineering Scam on Exchange Day

Bitcoin Investor Loses $91M BTC To Social Engineering Scam

In a shocking turn of events, blockchain sleuth ZachXBT has uncovered a sophisticated social engineering scam that netted scammers $91 million in Bitcoin. The crypto scam, which occurred on August 19, 2025, duped a victim into handing over wallet credentials, resulting in the loss of 783 BTC. This brazen incident serves as a stark reminder of the dangers lurking in the cryptocurrency space.

783 BTC Stolen in Social Engineering Scam

Earlier today, blockchain sleuth ZachXBT shared an X post, revealing a massive social engineering scam. A Bitcoin investor fell prey to a crypto hack where scammers impersonated as customer support agents from a hardware wallet manufacturer and a cryptocurrency exchange.

Significantly, the social engineering scam relied on psychological manipulation, preying on the victim's trust in customer service to obtain sensitive account credentials and orchestrate a massive fund transfer.

After stealing these massive BTC coins from the trader, the attackers funneled them through Wasabi Wallet, a Bitcoin mixer designed to obscure transaction trails. Despite suspending services for US users in 2023, Wasabi remains popular among those seeking to anonymize digital asset movements. The funds were then dispersed across multiple wallets, a tactic used to hinder tracking and recovery efforts. This echoes a common pattern in the digital asset space where privacy tools are exploited for cryptocurrency hacks.

A strikingly similar incident from last year saw an individual lose 4,064 Bitcoin, worth about $243 million, to illegal players posing as Google support. Following the heist, authorities arrested two suspects in Florida, who were found to be splurging on high-end items like luxury cars and real estate.

Was Binance Targeted in the Scam?

Although ZachXBT did not reveal the exchange’s name, Binance issued a warning against similar types of crypto scams. The crypto exchange warned,

Scammers are sending fake SMS messages pretending to be from Binance. They want to trick you by saying your account is “at risk” and make you call fake support telephone numbers or click dangerous links.

Further, the exchange emphasized that it would not initiate direct contact with users via SMS or phone calls. The firm added that any messages received from these channels claiming to be from Binance are likely scams.

The incident suggests that the scammers specifically targeted Binance in the social engineering scam, impersonating its customer care service to gain the trust of the Bitcoin trader. By posing as the exchange support, the attackers likely convinced the victim to divulge sensitive information, leading to the massive theft.