A scammer stole 4.35 BTC, worth $520,000, by selling a fake imToken hardware wallet on JD.com. The victim unknowingly bought the wallet from a now-closed shop. On July 26, 2025, they transferred their Bitcoin from the OKX exchange, believing it was safe. However, on July 28, the victim found their funds gone. The scammer used the wallet’s seed phrase to move the funds.
$520K in BTC Lost to Scam
The scammer pulled off the scam by using a pre-initialized imToken wallet that was already compromised. They sold this wallet through a shady JD.com shop. Trusting the platform, the victim believed they were buying a secure wallet for storing their Bitcoin.
Unknown to the victim, the scammer had access to the wallet’s seed phrase, allowing them to steal the funds. Within just 48 hours, the Bitcoin was sent to unknown addresses, leaving the victim with a loss of all their money. This situation shows how scammers exploit trust in well-known online platforms.
Scams Get More Sophisticated
Scammers are changing their tactics, using AI-driven phishing, deepfake endorsements, and fake wallets to trick crypto investors. Recent cases include a July 18, 2025, case where the attacker tricked the user into signing fake digital signatures, which gave them access to the investor’s wallet. This scam resulted in the loss of $1.06 million in $sUSDf and $USDe tokens.
Just days ago, a pastor and his wife from Denver were accused of defrauding over 300 investors within their church community, fleecing them of $3.4 million through their digital currency called INDXcoin. The pastor admitted that the allegations of the crypto scam were true, claiming that the project was the will of the Lord.
Authorities are responding by encouraging victims to report scams on ic3.gov to help trace stolen funds. The Federal Trade Commission (FTC) noted a 35% drop in ransomware payments because of better law enforcement and greater awareness among victims. Still, scammers keep coming up with new tactics to evade apprehension.
The rise in crypto scams, like the imToken wallet fraud, stresses the need for caution in the digital world. Although blockchain technology helps law enforcement track down scammers, these criminals keep evolving, making it important for users to stay informed.
