Kraken User Loses About $18.2 Million in Suspected Social Engineering Scam
According to on-chain monitoring, stolen funds from the Kraken user were later transferred to HitBTC, adding a new movement of 7,784 ETH and 26.5 BTC after the suspected social engineering theft.
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Summary
A Kraken user lost about $18.19 million in a suspected social engineering scam, and the stolen funds were later moved to HitBTC, according to on-chain monitoring on April 1. The latest transfer involved 7,784 ETH and 26.5 BTC sent to the exchange about six hours before the report. Earlier tracking by blockchain investigator ZachXBT said the funds had already begun moving through SafePal and THORChain, with assets shifted from Ethereum into Bitcoin, indicating continued laundering or redistribution activity after the theft.
Terms & Concepts
- Social engineering scam: A fraud method that manipulates people into revealing sensitive information or approving transfers, rather than exploiting software or blockchain code directly.
- THORChain: A cross-chain liquidity protocol that lets users swap assets between different blockchains without using a centralized exchange.
- ETH: ETH is the native cryptocurrency of Ethereum, used to pay network fees and transfer value on the blockchain.