Blockchain researcher successfully retrieves lost data
ZachXBT, a blockchain researcher who goes by a pseudonym, recently announced that he has successfully recovered the majority of funds from a stolen non-fungible token (NFT). In a post on February 24, ZachXBT shared the results of his nine-month investigation into the theft of the DeGods #3251 NFT. He revealed that the victim has been able to retrieve most of the funds that were stolen.
The NFT in question was sold for 99 Ether (ETH), which was worth approximately $177,000 at the time of the theft. ZachXBT explained that he was contacted by the victim in May 2023, shortly after the victim discovered that their wallet had been emptied.
ZachXBT is known for conducting investigations of varying lengths, depending on the complexity of the case. He often uses simple diagrams to illustrate phishing scams and track the movement of funds, including through crypto mixers. He expressed satisfaction in being able to share success stories of fund recovery, highlighting the fact that while the process can be time-consuming, it is possible to retrieve stolen funds.
ZachXBT also mentioned that he plans to conclude his pro bono blockchain investigation work soon. This decision was influenced by feedback from frustrated users who expected assistance in recovering stolen cryptocurrency, despite his clear stance that his services are offered free of charge. The frustration expressed by these users has led him to consider discontinuing his public goods work, although it may take some time for him to fully wrap it up.
Phishing attacks targeting cryptocurrency users have been on the rise, employing various deceptive tactics. One common tactic is the “approval phishing scam,” where fraudsters trick users into approving malicious blockchain transactions. In January, a sophisticated phishing attack within the Web3 ecosystem resulted in the loss of $4.2 million worth of aEthWETH and aEthUNI tokens.
Phishing attacks typically involve tricking individuals into revealing private keys or personal information, with perpetrators posing as legitimate entities to gain trust. Spear phishing, which involves crafting authentic-looking emails, and ice phishing, where victims unknowingly transfer token ownership to scammers, are common forms of these attacks.
The U.S. Securities and Exchange Commission (SEC) has been actively combating phishing scams and attacks by educating investors on how to identify and avoid fraudulent schemes.
Read more: Cybertrace raises concerns about a deep fake crypto scam involving Australian tycoon Andrew Forrest.
