Phishing Attack Costs IDR 183.9 Billion in Bittensor (TAO)

Bittime – Artificial Intelligence (AI) platform, Bittensor (TAO), became the victim of the biggest phishing scam this June, losing more than 28 thousand coins with a value of US$11.2 million or around IDR 183.9 billion.

Stolen Funds Transferred to 18 Wallet Accounts

Onchain detective ZachXBT reported via his personal Telegram channel that the attacker divided the stolen funds into 18 different wallet accounts. The funds were then rolled back into 16 accounts.

These 16 accounts then bridged tokens from the TAO network to Ethereum. Next, the tokens are exchanged for ETH and USDC stablecoins using three different decentralized exchanges (DEX).

This pattern of splitting and recombining funds led ZachXBT to conclude that this attack was carried out via phishing. This phishing attack is an important reminder for AI and blockchain platform users to always be careful and alert to suspicious links or websites.

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How to Prevent Phishing

The Bittensor (TAO) fraud case which caused losses of up to IDR 183.9 billion is a strong warning for users of blockchain technology-based platforms.

Phishing attacks, techniques used by perpetrators to trick victims, are a real threat lurking. This article will discuss steps to protect yourself from phishing attacks and protect your digital assets.

1. Understanding Phishing

Phishing is a mode of online fraud that impersonates a trusted entity. Perpetrators usually send emails, text messages, or display fake advertisements that resemble official platforms.

Defrauded victims will click on links or provide personal information such as usernames, passwords, or digital wallet private keys so that their assets can be stolen.

2. Lessons from the Bittensor Case

The Bittensor case shows how clever phishers can be. They not only steal tokens but also split and combine funds into several different accounts to trick tracking.

This is an important reminder to be alert to suspicious activity in your digital wallet, such as transfers that you did not make.

3. Steps to Prevent Phishing

• Address Verification: Always check the website address (URL) carefully. Make sure you are on the official website of the platform you are using. Don't trust websites with strange URLs or slightly different from the original.
• Don't Click Just Any Links: Be wary of links received via email, text messages, social media, or other communication platforms. Especially if it comes from an unknown source.
• Digital Account Security: Use strong, unique passwords for each account. Enable the two-factor authentication (2FA) feature for an added layer of security. 2FA usually requires an additional verification code at log in, in addition to the username and password.
• Beware of Sweet Promises: If you receive an investment or digital asset management offer that is too tempting, reconsider. Usually, this is a cover for committing fraud.
• Research and Education: Stay updated with information about cyber security and learn about various phishing modes that often occur.

An ounce of prevention is worth a pound of cure. By implementing the steps above, you can protect yourself from phishing attacks and better protect your digital assets.

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4. Additional Tips

• Use a password manager to create and store strong, unique passwords for each account.
• Activate notifications for every activity on your digital wallet.
• Never share your login information or digital wallet private key with anyone.
• Report immediately if you suspect phishing activity to the relevant platform.

How to Buy Crypto on Bittime

You can buy and sell crypto assets easily and safely through Bittime. Bittime is one of Indonesia's best crypto applications, officially registered with Bappebti. 

To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Also, please ensure you have enough balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application. Learn Complete Guide How to Buy Crypto on Bittime. 

Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and other cryptos to find out today's crypto market trends in real-time on Bittime.

Read Also:

Bittensor Policy (TAO) Guide for Beginners

Examining the Potential of Bittensor (TAO) in 2024

Crypto 101: Moving Averages as a More Accurate Trading Strategy

DISCLAIMER: This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.