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ZachXBT: A Whale Hardware Wallet Fell Victim to a Social Engineering Scam, Losing Over $282 Million, with the Attacker Later Laundering the Funds into Monero, Causing a Price Surge of Over 60%

2026.01.17 09:11:24

January 17th — On-chain detective ZachXBT announced on social media that around 11:00 PM UTC on January 10, 2026, a whale investor fell victim to a hardware wallet social engineering scam, losing over $282 million worth of Litecoin (LTC) and Bitcoin (BTC). Subsequently, the attacker converted the stolen LTC and BTC into Monero (XMR) via multiple instant exchange platforms, triggering a sharp spike in Monero’s price. Some BTC was also bridged to the Ethereum, Ripple (XRP), and Litecoin networks using the Thorchain cross-chain bridge. BlockBeats Note: Social engineering scams are a form of fraud where attackers leverage human weaknesses, psychological manipulation, and trust to trick victims into voluntarily sharing sensitive information, assets, or permissions—instead of accessing systems directly through technical vulnerabilities.
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