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Highlights
- A crypto trader lost over $68 million worth of Wrapped Bitcoin.
- The loss was incurred via a single click as the victim transferred the reserve to a wrong address.
- Wrapped Bitcoin's price surged past $61,000 after the incident, which the victim couldn't leverage.
In a staggering turn of events, a crypto trader fell victim to a $68 million loss of Wrapped Bitcoin (WBTC). The fiasco stemmed from a contaminated transfer history that the trader referred. This incident is a clear example of a “crypto nightmare” and serves as a stark reminder of being cautious while transferring and trading crypto.
Over $68 Million Worth Of Wrapped Bitcoin Lost
The trader lost nearly $68.27 million worth of Wrapped Bitcoin after inadvertently copying the wrong address from a tainted transfer history. According to a post on X by Scam Sniffer, a crypto detective, the victim transferred 1,155.28 WBTC to a wrong address.
The unfortunate incident unfolded just hours ago, sending shockwaves through the crypto community. Moreover, within a few hours of the transaction, the Wrapped Bitcoin price soared past $61,000. This surge pushed the value of the transferred Wrapped Bitcoin to more than $70 million, suggesting further losses for victim. In addition, over 97% of the crypto trader’s holdings were wiped off.
WBTC, a tokenized version of Bitcoin, is a synthetic asset pegged to the value of Bitcoin (BTC). It operates on the Ethereum blockchain, allowing users to access Bitcoin’s liquidity and functionality within the Ethereum ecosystem. However, the process of converting Bitcoin to WBTC involves intricate steps. This includes depositing Bitcoin into a custodial wallet, which may expose users to potential risks.
Also Read: ZKasino $33M Scam Suspect Arrested, Users Still In Trouble
Web3 Scam Losses Decline In April
Earlier, the crypto scam losses witnessed a dramatic 67% decrease in April 2024 compared to the previous month. This decline brought a glimmer of hope to investors amidst recent turmoil. In April, the crypto domain suffered 40 attacks, which resulted in losses amounting to $60.2 million. Whilst, March witnessed the drain of a staggering $187.67 million worth of crypto assets.
However, despite this overall decline, notable breaches have occurred, with Hedgey Finance emerging as the hardest-hit victim, suffering losses amounting to approximately $47.35 million. Furthermore, the attack on Hedgey Finance involved a staggering $44 million worth of Bonus in balance, with an additional $2 million of stolen funds laundered through Tornado Cash.
Other significant breaches include Fixed Float, which lost approximately $3 million, followed by Grand Base with losses totaling $2.67 million. Pike Finance also lost $1.7 million worth of crypto funds. Moreover, X Bridge and Zest Protocol were also targeted, with losses amounting to $1 million each.
Also Read: Bitcoin ETF Outflows Rebound To $34M As ARKB Buys The Dip
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