Reminder: With Great power comes Great responsibility

[Peanutswar]

In that part, how does the attacker have access to his hardware wallet?.

It seems that he cannot make a transaction with the use of the hardware wallet easily without the confirmation of the device or else the victim it self gives his seed phrase to the attacker through the use of the fake phishing emails, or through a link and then give the full authorization. At the first place is the investor do always know how to secure their devices and wallet most likely if they are holding a large sum of it. Now this could be a charge to experience because its crypto not a bank for a reversals.

[Dechris_08]

Indeed great power comes with great responsibility.

Being your own bank sounds empowering until people realize banks exist to absorb responsibility.

But In Bitcoin, reverse is the case, you absorb it yourself, mistakes aren’t reversed, and truly authority doesn’t mean protection it means responsibility.

[Die_empty]

In that part, how does the attacker have access to his hardware wallet?.

It seems that he cannot make a transaction with the use of the hardware wallet easily without the confirmation of the device or else the victim it self gives his seed phrase to the attacker through the use of the fake phishing emails, or through a link and then give the full authorization. At the first place is the investor do always know how to secure their devices and wallet most likely if they are holding a large sum of it. Now this could be a charge to experience because its crypto not a bank for a reversals.

This earlier post confirms that the victim gave out his seed phrase cheaply to the attacker.

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

I wonder how someone with such an amount doesn't have basic security information or skills. How long would it take them to know that the seed phrase is your personal information that shouldn't be given out? Disclosing it is like giving a stranger the key to a bank vault.

[Juicyhome]

In that part, how does the attacker have access to his hardware wallet?.

It seems that he cannot make a transaction with the use of the hardware wallet easily without the confirmation of the device or else the victim it self gives his seed phrase to the attacker through the use of the fake phishing emails, or through a link and then give the full authorization. At the first place is the investor do always know how to secure their devices and wallet most likely if they are holding a large sum of it. Now this could be a charge to experience because its crypto not a bank for a reversals.

it's too hard to scam someone without their involvement, scammers can't scam someone they have no ideas about, they have to sort out information from the victims.  When you see people complaining of scammers, they provide the information the scammer used to scam them. Without your secret phrases, no scammer can have access to your wallet, scammers are very smart people, they have to out smart the victims to provide their secrets phrase to operate.

There's no way to fill in our secret phrases on social media handles, it's a scam mode to scam people their hard earn money. We learn from people's mistakes, it has happened to him we have to use him to guide our passwords at all cost.

[lovesmayfamilis]

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'

In other words, wealth is also a heavy burden that some people can't bear. And so, higher powers, whom we mere mortals call hackers (forgive the comparison), relieve them of this burden. Although it's rather cynical to say, sometimes someone who has nothing to eat for dinner will cherish every penny. In contrast, someone with millions in their wallet can easily have their capital stolen from under their noses. The world is unfair.

[maydna]

Having Bitcoin means you have to fully responsible with your money. You must makes sure that your wallet is safe and you must hiding it from others and don't tells them. That is our jobs to always protecting our wallet because we are our own bank. No one can see how much money we have in Bitcoin because that can attracts them to do something evil.

We must be careful and not tempting to join anything suspicious especially if we don't know nothing about that. We don't know how the scammers or hackers will tricks us so that is why we must protect our Bitcoin.

[Sticky Bomb]

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'

From what I gathered, I do not really think this was about address poisoning, the holder lost  2.05M LTC and 1459 BTC at same time which kind of makes me think this was an attack of wallet drain. Although ZachXBT didn't explicitly define the nature of the scam, neither did he reveal the hardware wallet in question but loosing such a sum from two different coins tells me that the holder possibly connected the wallet to a phishing site and this is just coming few days after ledger had its clients data breached through Global-e.

[_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.

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'

From what I gathered, I do not really think this was about address poisoning, the holder lost  2.05M LTC and 1459 BTC at same time which kind of makes me think this was an attack of wallet drain. Although ZachXBT didn't explicitly define the nature of the scam, neither did he reveal the hardware wallet in question but loosing such a sum from two different coins tells me that the holder possibly connected the wallet to a phishing site and this is just coming few days after ledger had its clients data breached through Global-e.

PrivacyG would have understood this by now because it has been discussed and corrected on this thread yesterday on the first page on this post: https://bitcointalk.org/index.php?topic=5571757.msg66304771#msg66304771

You can see on the link and the image that ZachXBT posted how the theft happened which was through social engineering scam like the scammers lured the person to post his seed phrase or so.

[Lucius]

~snip~
I wonder how someone with such an amount doesn't have basic security information or skills. How long would it take them to know that the seed phrase is your personal information that shouldn't be given out? Disclosing it is like giving a stranger the key to a bank vault.

I have written many times that being rich does not necessarily mean being intelligent, and this specific case confirms that. Anyone who can fall for such a cheap trick should be awarded an award for extreme stupidity. If someone had asked him to send him his bank card and PIN, he probably would have done that.

[m2017]

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..

When I see this news, all that comes to mind is curse words and emotions...
How could such losses have been allowed? Why weren't steps taken to diversify the risks (storing the money in different wallets in different locations)? If I had the same assets as the victim, I would have divided the money into several wallets: the main one, with the largest amount, would be kept somewhere on another planet in a labyrinthine underground bunker. Seriously, I would have made it so that even I, as the owner, would have difficulty accessing this wallet (so that access wouldn't be instantaneous, but would require specific actions and time), and even better, I would have used multi-signature.

the saying With great power comes great responsibility is something we all ought to consider in this space.

And with great stupidity comes great losses.

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.

But this responsibility isn't limited to "just buy and keep", but requires building a comprehensive, secure security system: wallet diversification, key backups, hardware wallets, and so on, and, of course, keeping your mouth shut, because social engineering is only possible with a talkative victim.

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.

Well, I think most of us definitely won't be of interest to scammers as long as there are holders (omfg) of $300 million.

What do you think these thieves will do with this money? Will they start selling assets, crashing the cryptomarket?

[NotATether]

So that's why the XMR price went nearly 2x? 

Man, that is very bad. Why didn't the instant exchanges flag those transactions? Were the addresses not labelled yet?

[MagnificentX]

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.

In this context, I think the power is the asset you have. I say so because if it is looked at, assets stands as power most especially when it in in the world of cryptocurrency. So I strongly believe that the power OP is talking about in this context is the asset one has and with that, you have to be really in for it in order to make sure your assets are safe (that now is the responsibility).

Asides that, you also mentioned something which I really find interesting and that is on the aspect of who handles our devices. That is one major thing we should always be conscious about because some persons are not very much inclined with the way things are in the internet space most especially when it comes to detecting a fake or genuine link. Most times, some people even just click links out of curiosity to see what it is about and trust me, that is just what a scammer needs to set the foundation in your device. So one way we can try to protect how devices is also knowing who handles it, how eloquent is the person and how well is the person trusted?

[Curious T]

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.

I am sitting here wondering how a person can be carless with an amount like that. Its probaby because I'm not rich, but even the little I have, I try to protect it the best I can with the resources I have. If I money like that in my possession, I would be extremely careful.
It's so sad that people lose such a large amount of money. We often just see these things as numbers because it doesn't affect us, but I try to imagine how the person who lost the money would be feeling. When people see news like this, they don't think about it; that is why they don't learn. They feel it can't happen to them. People need to be extra careful with their stuff.

[Hypnotizer]

So that's why the XMR price went nearly 2x? 

Yeah basically, the money is huge almost 1459 Bitcoin and 2.05 million Litecoin, off course this is enough to pump the price of XMR.

Man, that is very bad. Why didn't the instant exchanges flag those transactions? Were the addresses not labelled yet?

The scammer got away with the money  , basically he got to use very fast instant exchanges for the conversion but I saw some news that a part of the funds almost $700k was froze by ZeroShadow within 20 minutes But he  get to fully convert the remaining funds to XMR.

[Tmoonz]

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.

I am sitting here wondering how a person can be carless with an amount like that. Its probaby because I'm not rich, but even the little I have, I try to protect it the best I can with the resources I have. If I money like that in my possession, I would be extremely careful.
It's so sad that people lose such a large amount of money. We often just see these things as numbers because it doesn't affect us, but I try to imagine how the person who lost the money would be feeling. When people see news like this, they don't think about it; that is why they don't learn. They feel it can't happen to them. People need to be extra careful with their stuff.

Honestly no one is above being scammed let's just try our best and pray that such bad will never come close to us, for those that can learn from news like this then they will be vulnerable to learn in the most hardest way, learning from what has happened to others is the best, it is true that most people will be claiming that it can't happen to them but that is life for you sometimes what you placed so much value on will be seen as common by others and that is dynamic. I rather learn from what happened to others than for me to learn the hard way.

[Die_empty]

Honestly no one is above being scammed let's just try our best and pray that such bad will never come close to us, for those that can learn from news like this then they will be vulnerable to learn in the most hardest way, learning from what has happened to others is the best, it is true that most people will be claiming that it can't happen to them but that is life for you sometimes what you placed so much value on will be seen as common by others and that is dynamic. I rather learn from what happened to others than for me to learn the hard way.

I accept that anyone can be a victim of a scam. However, there are some cases where the victims were just too careless. Everyone who owns a non-custodian wallet should be aware that the seed phrase shouldn't be disclosed to anybody or any institution. Even centralised platforms like banks and exchanges would inform customers that even the company don't have the right or permission to ask for sensitive information like a password. It might be reasonable to be a victim of phishing or hacks, but voluntarily giving out a seed phrase should be out of it.

[Ishicryptic]

Holding cryptocurrency is an enormous responsibility, if anything happens to your coins either through theft or lose you cannot hold the wallet providers responsible, whatever happens to your coins is on you. At the point of creating a new wallet you are given your seed phrase it means that the security has been transferred to you and you have become your own bank to manage yourself. Great power has been handed to you and if you don't handle the great responsibility it's only yourself to be blamed. I read all the time how crypto holders got scammed and how their devices got compromised and hacked moving coins worth so much, it calls for serious concern. If you don't want to become a victim it's better to stay informed about the tactics of these scammers, most importantly don't click whatever you don't know online and don't involve in any get rich quick scheme it's the easiest way that scammers gets their victims.

[DYOR+BTC]

Holding cryptocurrency is an enormous responsibility, if anything happens to your coins either through theft or lose you cannot hold the wallet providers responsible, whatever happens to your coins is on you. At the point of creating a new wallet you are given your seed phrase it means that the security has been transferred to you and you have become your own bank to manage yourself. Great power has been handed to you and if you don't handle the great responsibility it's only yourself to be blamed. I read all the time how crypto holders got scammed and how their devices got compromised and hacked moving coins worth so much, it calls for serious concern. If you don't want to become a victim it's better to stay informed about the tactics of these scammers, most importantly don't click whatever you don't know online and don't involve in any get rich quick scheme it's the easiest way that scammers gets their victims.

Finding the suitable way of securing once wallet informations is a very important factor to consider before getting involved in the cryptosystem, must lost all because they failed to remember there wallet information after there devices where misplaced while others missed it due to one reason or the other but the must important thing is finding the best and must reliable way to keep it safe know matter what.
From registration as stated above the power of your future will be given because you are the only one trusted with your information, so its not all about making big investment but to remember the key to your bright future is the first of all

[DYOR+BTC]

Holding cryptocurrency is an enormous responsibility, if anything happens to your coins either through theft or lose you cannot hold the wallet providers responsible, whatever happens to your coins is on you. At the point of creating a new wallet you are given your seed phrase it means that the security has been transferred to you and you have become your own bank to manage yourself. Great power has been handed to you and if you don't handle the great responsibility it's only yourself to be blamed. I read all the time how crypto holders got scammed and how their devices got compromised and hacked moving coins worth so much, it calls for serious concern. If you don't want to become a victim it's better to stay informed about the tactics of these scammers, most importantly don't click whatever you don't know online and don't involve in any get rich quick scheme it's the easiest way that scammers gets their victims.

Finding the suitable way of securing once wallet informations is a very important factor to consider before getting involved in the cryptosystem, must lost all because they failed to remember there wallet information after there devices where misplaced while others missed it due to one reason or the other but the must important thing is finding the best and must reliable way to keep it safe know matter what.
From registration as stated above the power of your future will be given because you are the only one trusted with your information, so its not all about making big investment but to remember the key to your bright future is the first of all

[JunaidAzizi]

These massive losses give us a reminder that we are our own team, responsible for everything that happens to our fund. We are the customer care, the fraud department, and the security guard, which means the responsibility is now on our own shoulders. If anything happens, no one will come to help us, so it is better to keep your eyes open 24/7 and double check everything, as one wrong click can cost you a long lasting regret and depression.