Reminder: With Great power comes Great responsibility

[Hypnotizer]

source

So yesterday, ZachXBT revealed that a victim lost over $282M due to social engineering scam and just recently there was an address poisoning scam that cost a victim $50M and this reasons made me towards writing this post..the saying With great power comes great responsibility is something we all ought to consider in this space.

Bitcoin gives you the power to become your own bank, you now have power over your money and coins and then on the other side you are now fully responsible for the security of your money and coin, it is 100% your responsibility and you need to take them.

Recently scammers have been targeting people with huge amounts of coins in their possession with their various method, we all need to be very cautious and aware of this Social engineering scams, phishing scam and Address poisoning attack..we should protect over investment ourselves, nobody is coming to save you! You have the power, then take the responsibility.

[_act_]

The surprising thing about this is that it is a hardware wallet.

As some people get a hardware wallet, they might be thinking that they are fully safe from hackers until they make a simple-to-avoid mistake and be hacked.

Regardless of the wallet we are using, be it online or offline, it is very important we learn about how to avoid hackers, including scammers in general.

[PrivacyG]

The surprising thing about this is that it is a hardware wallet.

As some people get a hardware wallet, they might be thinking that they are fully safe from hackers until they make a simple-to-avoid mistake and be hacked.

Regardless of the wallet we are using, be it online or offline, it is very important we learn about how to avoid hackers, including scammers in general.

To me, the surprising thing is that some people handle Wallets worth a quarter Billion Dollars with out triple checking the Inputs and Outputs character by character and end up losing the Bitcoin as if it was only a couple Satoshis they were holding.  You would think by that level of Wealth they would have some higher level of knowledge about holding Bitcoin securely.

I suppose being Rich does not guarantee intelligence.  I can not imagine explaining this to some body else.  'How did you lose your 50 Million?', 'I did not check the Address twice out of laziness'

[aylabadia05]

The surprising thing about this is that it is a hardware wallet.

As some people get a hardware wallet, they might be thinking that they are fully safe from hackers until they make a simple-to-avoid mistake and be hacked.

Regardless of the wallet we are using, be it online or offline, it is very important we learn about how to avoid hackers, including scammers in general.

In addition to hardware wallets, lost funds are also a concern for me. You are right that not everyone understands how to use wallets properly and correctly to avoid things that can cause huge losses. Everyone cares about big money, but not everyone with great wealth who puts their money in Bitcoin and other crypto assets knows how to secure it.
Hopefully, those who have lost money will not be psychologically affected.

[boyptc]

It's hard to think of how these whales can neglect their security and fall for the address poisoning. I guess that anyone can be neglectful with their actions for being too confident because of how much they've got.

I also think that amount won't be enough to pump the market but looking at the volume just within the 24 hours period for Monero. Well, no doubt why the price of it has increased to an ATH because of what happened.

But to know that this for specific reason isn't good that the volume increase and pump was due to the hacker converting the hacked funds into XMR.

[satscraper]

The surprising thing about this is that it is a hardware wallet.

.

I’ve always said that the biggest threat to user’s stash often comes from the user themselves rather than from their wallet. This case confirms that belief as it appears to be the largest crypto theft from individual that has ever occurred. The attacker used social engineering to reach the victim’s stash while the hardware wallet itself was not technically compromised. The lesson here is that every crypto holder needs to develop the personal strategy for protecting their stash from their own mistakes. My strategy can be summurised by the simple wording, i.e. never let yourself be rushed into any crypto related decision, no matter how glittering the promises may be.

[Lucius]

~snip~
My strategy can be summurised by the simple wording, i.e. never let yourself be rushed into any crypto related decision, no matter how glittering the promises may be.

There is one very good way to prevent yourself from making any hasty decisions that could cost you dearly, and that is to keep your coins in a cold air-gapped wallet that is not easily accessible. In addition, if you have multiple wallets on that device that are protected with passphrases that are not within your reach, it is unlikely that you will make any rash decisions.

There are too many people who still think that hardware wallets are all they need to be safe, but they don't know what a delusion they are living in.

[Charles-Tim]

I suppose being Rich does not guarantee intelligence.  I can not imagine explaining this to some body else.  'How did you lose your 50 Million?', 'I did not check the Address twice out of laziness'

What that actually happened was not address poisoning, the person was able to steal all the money in the wallet is my guess. The victim's seed phrase was known to the attacker. That means the victim could have been affected through phishing attack that has a link that directed the victim to a site that lure him to input his seed phrase.

ZachXBT later posted about it:

https://x.com/i/status/2012242396239568980

[Felicity_Tide]

The surprising thing about this is that it is a hardware wallet.

Choice of wallet is part of the criteria to keep one's asset safe, but another big flaws that we don't often pay attention to is those that are actually handling the devices. Some of the attacks being carried out literally needs someone on the other end to grant them the access unconsciously. Cases of people clicking phishing links and inputting their seed phrase to a clone website, or those who even go as far as connecting their wallet to random projects online.

Just like the OP, 'With great power comes great responsibilities', which of course, I don't really know what the great power is in this case, but I certainly know that self custodians have a massive responsibility in protecting their assets. Using a hardware device and making yourself the vulnerability does not protect you in any way.

[WellRozey]

The surprising thing about this is that it is a hardware wallet.

As some people get a hardware wallet, they might be thinking that they are fully safe from hackers until they make a simple-to-avoid mistake and be hacked.

Regardless of the wallet we are using, be it online or offline, it is very important we learn about how to avoid hackers, including scammers in general.

Lack of knowledge 100%

Hardware wallet isn't like a bulletproof, even if it is it can't withstand a RPG.

People find answers but not all the answers, it is very easy to ask the internet which Bitcoin wallet is the best and you get hardware wallet like Trezor as answer but they will quickly quit the search and order a Trezor.

We both know that it doesn't ends with just buying the hardware wallet and start using it, responsibility is still at stake here.

Buying a hardware wallet isn't the end.

[ColdLava40]

The surprising thing about this is that it is a hardware wallet.

As some people get a hardware wallet, they might be thinking that they are fully safe from hackers until they make a simple-to-avoid mistake and be hacked.

Regardless of the wallet we are using, be it online or offline, it is very important we learn about how to avoid hackers, including scammers in general.

That mindset is why many people have lost their coins to hackers. With the rate at which cryptocurrency users are being targeted, the only safety way to keep your coins safe is offline. No hardware, no softwares, completely aware from reach.

People over look so many factors which ends up compromising their wallet. Some still use ledger, regardless of the many reasons why they shouldn't.

The fact now is losses will just continue to be a thing because more new investors will continue to adopt cryptocurrency and they will fail to keep that coins safe..

[Ivystar5]

The surprising thing about this is that it is a hardware wallet.

As some people get a hardware wallet, they might be thinking that they are fully safe from hackers until they make a simple-to-avoid mistake and be hacked.

Regardless of the wallet we are using, be it online or offline, it is very important we learn about how to avoid hackers, including scammers in general.

To me, the surprising thing is that some people handle Wallets worth a quarter Billion Dollars with out triple checking the Inputs and Outputs character by character and end up losing the Bitcoin as if it was only a couple Satoshis they were holding.  You would think by that level of Wealth they would have some higher level of knowledge about holding Bitcoin securely.

I suppose being Rich does not guarantee intelligence.  I can not imagine explaining this to some body else.  'How did you lose your 50 Million?', 'I did not check the Address twice out of laziness'

I realise that most of the people with huge amount of crypts in there wallets hardware wallets hard no idea what bitcoin was and how it works in terms of security but only invested because their money will double at the end of the day but having themselves in the highest type of risk by just caring about having it also not protecting it, now engineering scam is something that is usually used for old people but to my surprise even some level of young men still loss coins to it, when they could just double check address or triple check or even do it with the involvement of someone who knows how it actually works.

[nakamura12]

That mindset is why many people have lost their coins to hackers. With the rate at which cryptocurrency users are being targeted, the only safety way to keep your coins safe is offline. No hardware, no softwares, completely aware from reach.

People over look so many factors which ends up compromising their wallet. Some still use ledger, regardless of the many reasons why they shouldn't.

The fact now is losses will just continue to be a thing because more new investors will continue to adopt cryptocurrency and they will fail to keep that coins safe..

Even if not having that mindset is that if you are not careful then there's a chance that the device you are using will be infected with a malware or getting hacked. That's why it is very important to have much better security, being careful and have responsibility rather than thinking that having a wallet thag everyone says that it has good security means it will be safe because even a person with a hardware wallet lose a lot of money.

[dkbit98]

What that actually happened was not address poisoning, the person was able to steal all the money in the wallet is my guess. The victim's seed phrase was known to the attacker. That means the victim could have been affected through phishing attack that has a link that directed the victim to a site that lure him to input his seed phrase.

I would not be surprised if the victim was owner of ledger hardware wallet, and he probably received email or call coming from one of several data leaks that happened to ledger.
They could tell him to update firmware with their phishing link, and than it would be trivial to steal his seed words.
Still, I don't understand how anyone with that amount of coins could have such low IQ and fall for this scam 

[suzanne5223]

That mindset is why many people have lost their coins to hackers. With the rate at which cryptocurrency users are being targeted, the only safety way to keep your coins safe is offline. No hardware, no softwares, completely aware from reach.

It is not possible to use only an airgap wallet unless you're not living in crypto.

People over look so many factors which ends up compromising their wallet. Some still use ledger, regardless of the many reasons why they shouldn't.

The fact now is losses will just continue to be a thing because more new investors will continue to adopt cryptocurrency and they will fail to keep that coins safe..

Don't misunderstand the situation.
No matter how strong and secure the wallet we use, we still have a role to play and also avoid human errors that could make the wallet vulnerable to attack.
This is what the victim of the social engineering scams doesn't understand, and there's no way a Bitcoin enthusiast will use the computer s/he use for crypto activities for something that could expose his/her to attack and put the blame on the wallet used for holding