Famous blockchain analyst ZachXBT has exposed how a creditor of Genesis, a bankrupt crypto lender, fell prey to a social engineering attack, losing $243 million. Three masterminds identified as Greavys (Malone Iam), Wiz (Veer Chetal), and Box (Jeandiel Serrano) perpetrated the heist.
$243M Crypto Heist Exposed
The scammers, posing as Google Support, used a spoofed number to gain the victim’s trust and compromise their accounts. Next, Box called the victim, claiming to be Gemini Exchange support, stating the user’s account had been hacked.
The scammers convinced the victim to reset their 2-factor authenticator (2FA) and send Gemini funds to a compromised wallet. Using AnyDesk, they accessed the victim’s screen and leaked private keys from the Bitcoin Core wallet. Having done this, the heist was complete.
However, ZachXBT along with other blockchain trackers including Cryptoforensic Investigators, zeroShadow, and the Binance Security Team commenced the investigation. The scammers’ jubilation over their newly ill-gotten wealth was short-lived.
Investigation Results
Transaction records revealed the stolen funds were swiftly laundered through over 15 exchanges including eXch, a non-KYC compliant exchange, and Thorswap. The funds were swapped between Bitcoin, Litecoin, Ethereum, and Monero.
As investigators dug deeper, Greavys’ flashy lifestyle was uncovered. He had purchased over 10 luxury cars and spent hundreds of thousands of dollars on lavish nights out in Los Angeles and Miami. His Instagram account revealed his true identity and his location was pinpointed through social media posts.
Meanwhile, Box’s careless reuse of his profile picture across platforms made it easy for investigators to track him down. His role in the scam, posing as a Gemini representative, was important to the heist’s success.
Scammers Arrested
According to ZachXBT, over $9 million in illicit funds were frozen and more than $500,000 was returned to the victim. While the report shows there were three masterminds of the scam, only Box and Greavys have been arrested in Miami and Los Angeles respectively.
The $243 million crypto heist serves as a reminder that crypto crimes are on the rise. It shows the importance of vigilance among digital entrepreneurs and investors. While such crimes can be traced and prosecuted, individuals must take proactive measures to safeguard themselves.
