ZachXBT uncovers that $7 million worth of stolen Bitcoin from the original holder was frozen with assistance from Binance.
Blockchain expert ZachXBT disclosed that approximately $7 million of the $330 million worth of Bitcoin (BTC) taken from a long-term American cryptocurrency holder has been successfully frozen, thanks to the intervention of Binance.
This news follows a report by ZachXBT regarding a suspicious transfer involving 3,520 BTC, which was valued at about $330 million at the time, originating from a single wallet.
Two individuals identified
On April 30, the investigator noted that the victim is an older American citizen who was targeted through a social engineering scheme. The Bitcoin was swiftly transferred among at least six exchanges and funneled into Monero (XMR).
ZachXBT stated that two individuals have been pinpointed as suspects: a Somali national referred to as "Nina" or "Mo," who is believed to operate a scam call center in Camden, UK, and a partner known only as "W0rk."
Both suspects reportedly removed their accounts from social media platforms after their names were revealed.
The theft utilized social engineering methods, which are deceptions often involving phishing or impersonation to obtain sensitive information.
ZachXBT noted that the attackers employed a coordinated strategy involving fake websites and voice calls to trick the victim into disclosing private keys or login information.
Stolen funds frozen through collaboration
ZachXBT praised the Binance security team, along with the anonymous investigator tanuki42 and Cryptoforensic Analysts, for their role in freezing about $7 million of the stolen assets.
While Binance has not made any public statements, the company is known for partnering with law enforcement and blockchain analysts to combat illicit activities.
This represents a rare case of quick recovery in the wake of a significant cryptocurrency theft. The remaining assets are believed to be harder to track, having been converted into Monero, which is designed to conceal wallet balances and transaction records.
The heist, totaling $330 million, ranks among the largest single-wallet thefts in cryptocurrency history. It has also raised alarms about the security vulnerabilities faced by early cryptocurrency adopters who may not have improved their security measures or updated cold storage solutions.
ZachXBT previously described the incident as "deeply upsetting," particularly given the victim’s age and status as an original supporter of the Bitcoin ecosystem. Ongoing investigations involve both the cryptocurrency community and private detectives attempting to trace any further movements of the stolen funds.
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