The $330 million attack: A stark reminder of social engineering’s power
A major crypto theft has sent shockwaves through the industry, with $330 million worth of Bitcoin (BTC) stolen. Experts say this was a social engineering attack and not a technical hack.
Investigations led by blockchain analyst ZachXBT suggest the victim was an elderly US citizen who was manipulated into granting access to their crypto wallet. On April 28, 2025, ZachXBT detected a suspicious transfer of 3,520 BTC, worth $330.7 million.
The stolen BTC was quickly laundered through more than six instant exchanges and converted into the privacy-oriented cryptocurrency Monero (XMR). Onchain analysis shows the victim had held over 3,000 BTC since 2017, with no previous record of substantial transactions.
Unlike typical cyberattacks that exploit software vulnerabilities, this incident relied on psychological manipulation. Scammers posed as trusted entities, slowly building credibility before persuading the victim