Whale Reclaims $70M in Stolen Crypto After Phishing Attack

Whale, a victim of a phishing attack, recently managed to recover assets that had been stolen by hackers, which were worth over $70 million. The unlikely recovery of assets derived from many communications with the attacker, showing some of the strategies the criminals use to steal crypto assets.

How the Scam Incident Occurred

The scam incident took place on the 3rd of May, this being the day that a holder of Wrapped Bitcoin became a phishing attack victim. The attacker, using an attack strategy that is referred to as address mimicking, diverted the whale's mind to think about the disbursement of his/her funds to an address that is more or less the same as that of the whale.

This phishing attack was based on the fact that the legal and fake addresses are similar; thus, the whale had a lapse of concentration in between too many transactions. The theft was identified quickly, and the whale immediately advanced to carry out the required processes that could see him/her recover the stolen assets.

Recovery of the Attack

Though Whale was not productive in the first try to reach the attacker, the second try reached the attacker ready to negotiate for the return of the funds.

A private message was sent to the address of the Telegram wallet of the whale by the attacker on the 10th of May. Match Systems was the second solution to the quick recovery of the stolen cryptocurrencies; the cybersecurity agency that deals with the security of digital assets was quite emphatic that the victim be prompt, as that is key in taking rightful steps to recover the full asset involved.