Crypto Investor Memecoin Loses $6 Million in Phishing Scam Using Fake Zoom Link

Crypto Investor Loses $6 Million in Phishing Scam Involving Fake Zoom Link

A crypto investor who owned Gigachad (GIGA) tokens lost $6.09 million in a phishing scam. The scam involved a fake Zoom meeting link that tricked the investor into revealing sensitive information..

On November 12, GIGA experienced an unusual price drop. This happened because of a massive sell-off. Shortly after, “Still in the Game”, a well-known GIGA investor, warned everyone, alert the community of the possible involvement of a hacker.

Here’s what the investor had to say: “To be honest, the big sell-off in $GIGA today happened because one of my wallets got emptied. It’s because I clicked on a fake Zoom link. This loss hurts me a lot, but I will bounce back. I’m here to stay in the game.”

Crypto investigation firm Snorting scam what happened. The investor had clicked on a fake Zoom meeting invitation. This link took them to a fake website, created to steal important wallet information..

“Still in the Game” explained that the phishing site added malware to their laptop. This malware allows the hacker to collect funds from his various crypto wallets. The hacker then transferred all the money to a single wallet before cashing it out.

Onchain Analytics Company Onchain Lens reported total loss. The hacker stole 95.3 million GIGA tokens from the victim. These tokens were worth $6.09 million.

Hacker exchanged stolen GIGA tokens for 11,759 Solana (SOL) tokens. These SOL tokens were worth approximately $2.1 million. After that, the hacker converted the SOL into stablecoins Tether (USDT) and USD Coin (USDC).

Then, the hacker moved the stablecoins to a new wallet address. Additionally, an additional 700 SOL tokens were sent directly to crypto exchange KuCoin..

The victim said she contacted the U.S. Federal Bureau of Investigation (FBI) for help and hired a forensic team. Their goal is to recover the stolen funds.

Although it is unclear whether the stolen money can be recovered, the investor seems optimistic. They thought they could get it all back in the current bull market.

“I’m going to get everything back, and then some. Just look at me,” they said.

WazirX Founder Announces Decentralized Exchange (DEX) Plans After $235 Million Crypto Hack

After the recent collapse of Indian crypto exchange WazirX due to a massive $235 million hack, its founder, Nischal Shetty, radius about the future.

He announcement its plans to create a new type of exchange, a decentralized exchange (DEX). Unlike traditional exchanges, a DEX does not rely on a central authority to manage funds. Instead, it allows users to trade directly with each other, giving them more control over their assets..

Shetty pointed out that, in a DEX, users have “self-custody” of their assets. This means that each the user has full control of their own fundskeeping them safe in a personal wallet rather than storing them on the exchange.

The main attraction of this structure is that users do not have to worry as much about hacks on the exchange since they hold the keys to their assets and can decide what to do with them.

Shetty’s plan also includes launching a special token for the decentralized exchange (DEX). This token would be used to pay fees during transactions on the platform.

It would also serve as a governance tool, allowing users to have a say in decisions regarding the future of the platform. This would give the community more control over how the DEX is run.