Scam alert: This whale lost 1155 BTC. Here’s how to avoid it

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U.Today – The best way to avoid losing 1155 BTC is, of course, not to have it in the first place. But if you’re lucky enough to own a vast chunk of cryptocurrency, security should be your top priority. Unfortunately, this whale was not as careful as he should have been.

On the evening of May 3, Beijing time, the whale mistakenly sent 1,155 BTC to the phishing wallet address, worth approximately $71 million at the time. This significant loss is a stark reminder of the importance of security in the cryptocurrency world.

The hacker monitored the whale’s activity on the blockchain and saw the whale create a up-to-date address. The hacker then generated an address similar to the one the whale created and performed a petite transaction to include this phishing address in the transaction history. When the whale saw the phishing address in its transfer history, it mistakenly copied it, thinking it was its own address. The hacker monitored the phishing address and after receiving 1,155 BTC, he quickly transferred the funds to the up-to-date address.

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This incident shows that the hacker was well prepared and used significant computing power, which likely indicates an organized effort rather than an individual. The speed and precision of the attack suggest that automated scripts were used and the hacker had access to significant resources.

To protect your digital assets, create private keys and mnemonic phrases offline and store them safely offline. Use hardware wallets for added security, but remember to back up your private keys.

If you suspect that your private key or mnemonic phrase has been compromised, replace it immediately and move your assets. Store transfer addresses in your address book with notes and avoid temporarily copying addresses. Always perform petite test transfers and confirm success with the recipient before vast transactions.

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For vast transfers, consider splitting them into multiple smaller transactions. Avoid clicking on transfer or online transaction links sent by others and always verify links and addresses yourself. When managing larger funds, consider using multi-signature methods to add an additional layer of security.

This article was originally published on U.Today

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