$71 Million WBTC Phishing Perpetrator Involved in Money Laundering

Bittime - The crypto industry is again shocked by acts of fraud and money laundering. According to Paidun's monitoring, the phishing perpetrator who previously succeeded in stealing WBTC worth US$71 million has now been identified as carrying out money laundering.

Chronology of WBTC Theft and Money Laundering

Previously, the phishing perpetrator was reported to have succeeded in tricking the victim, who was thought to be the owner of a wallet with an address ending in ...8FD5 (also known as a "whale" because of his large amount of crypto ownership). The stolen WBTC was worth around US$71 million or the equivalent of 1,155 WBTC.

After successfully draining the victim's WBTC, the phisher then immediately exchanges all the stolen WBTC into ETH. According to security tracker PeckShield, the perpetrator split the stolen proceeds, namely around 23,000 ETH, and sent them to various other digital wallets.

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Purpose of Splitting and Disseminating ETH

The action of breaking up and distributing the stolen ETH to various digital wallets is thought to be an attempt by the perpetrator to eliminate traces and complicate the tracking process. This technique is known as money laundering, which aims to make the proceeds of crime appear legal.

Warning to Beware of Phishing

The WBTC money laundering case is an important warning for crypto players to always be alert to phishing practices. Phishing is an attempt to deceive via email, instant messages, or a fake website that is created to look as similar as possible to an official service. Phishing perpetrators will usually try to trick victims into handing over their login information or digital wallet keys.

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Tips to Avoid Phishing

• Be wary of messages asking for sensitive information: Trusted financial institutions or crypto service providers will not ask for login information or digital wallet keys via email, text message, or telephone.
• Check the website address carefully: Phishing perpetrators often use fake websites that have a similar appearance to official websites. Always check the website address carefully before logging in or making a transaction.
• Use a digital wallet with multiple layers of security: Make sure your digital wallet has multiple security features, such as Two Factor Authentication (2FA).
• Don't rush when making a transaction: Before making a crypto transaction, always double-check the recipient details and transaction amount.

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How to Buy Crypto with Bittime

You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. 

To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient 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.

Also Read:

What is Cryptocurrency Money Laundering (CML)?

Money Laundering: Definition and Relation to Crypto

Money Laundering: Cash vs Digital Assets amid Growing Threats

DISCLAIMER : This article is informational in nature and is not an offer or invitation 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.