Reminder: With Great power comes Great responsibility

[Iroh]

Scammers have always targeted people with money. It's nothing new. People having such amounts of money(or any amount) in crypto ought to be extremely careful of how they go about handling everything associated with it. From your wallets to your device to people that come around you as well as mysterious links received just begging to be clicked, you should handle everything with care. $282 million is a shit load of money and you've got to be responsible about safeguarding it.
Really, with great power comes great responsibility. You are solely responsible for the security and handling of your money as you are literally your own bank.

[casey15]

You see that responsibility part, people shy away from it, in the sense that they will want to blame hackers even for their own mistake.
 When you get a new wallet wether hardware wallet or a software app, there is always a prompt that your seed phrase should never be shared with anybody no matter who that person is.  Judging from the image posted, the guy was clearly greedy looking for free NFT in the expenses of you life's asset.
Sometimes it is not ignorance..it's not that they don't know the right thing to do, but they choose to ignore it, it's greed, incompetence, lack of accountability. The scam was literally so obvious but they choose to ignore the signs. That's a a huge loss and zi just hope the person is okay and never repeat same mistake

[Spaceman1000$]

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.

I agree with you that there is certainly an inhouse rat that must have given out some information, because am guessing that, how do they get to know about the wallet and some information needed to carry out such attack. I definitely believe there is a phishing link that has been clicked, before the whole process started. But an account with such huge amount of holding, you needed to be extremely careful, avoiding any kind of play online that will involve your wallet, that's like a vault, so the security awareness should always be double.

[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.

I agree with you that there is certainly an inhouse rat that must have given out some information, because am guessing that, how do they get to know about the wallet and some information needed to carry out such attack. I definitely believe there is a phishing link that has been clicked, before the whole process started. But an account with such huge amount of holding, you needed to be extremely careful, avoiding any kind of play online that will involve your wallet, that's like a vault, so the security awareness should always be double.

In scenarios like this, it does not always have to be someone intentionally handling your phone just to click the phishing link because they want to help an attacker start a phishing process. But we fail to understand about this area of the conversation is that it can happen as a result of ignorance and it is even the most common way it can happen. Your phone it device may be with someone who does not have tht knowledge about Bitcoin and then may see a link that may look harmless and click it just to see it's content not knowing that they have given access to hackers.
This now brings us to the importance of enlighten and telling Bitcoin to the people that are close to you. Teach them what it is about so as to bring them out of that pit of ignorance on the digital space. I once said that "if you are the only one in your house hold that knows about Bitcoin and can handle an exchange or Bitcoin wallet, then you are putting your assets in a risky situation. You should also share this knowledge with your family so that in your absence, they will also know what to do in emergency situation or even to help them avoid getting scammed.

[Webutxo]

Scammers have always targeted people with money. It's nothing new. People having such amounts of money(or any amount) in crypto ought to be extremely careful of how they go about handling everything associated with it. From your wallets to your device to people that come around you as well as mysterious links received just begging to be clicked, you should handle everything with care. $282 million is a shit load of money and you've got to be responsible about safeguarding it.
Really, with great power comes great responsibility. You are solely responsible for the security and handling of your money as you are literally your own bank.

Scammers are actually intelligent people that prey on people that doesn't know much about any update on what is trending, so by the time they try to join, the lack of understanding push them to do things they don't know. Back then, there lots of scams in telegram and that was because telegram used to be the home groups and channels for new crypto start ups, the scammers were using that platform to scam people but that has reduced now since people get to know about it.

There was a time Discord became the next big place for crypto project, everyone were going there to farm airdrops and following up projects but scammers evade it but it wasn't as bad as telegram since Discord isn't too simple, many regular users don't go there. Only developers and people that understand it visits there the most but even that one has reduced. Scams follow trend, if you are not updated you will fall victim.

[devlin85]

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.

this can be a scary thought to be fair which we dont really consider when investing online and not really have any knowledge on how to keep ones personal assets such as money safe. which is why banks are most likely always the safer option.
there will always scammers there not going anywhere we have to learn to keep our assets safe while or line or do some research when and before placing transactions online.

[Faisal2202]

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.

That $50 million address poisoning attack was really the dumbest mistake. If the case is real, because in the first place I doubt that, because it is not that easy for someone to just type $50 million in the amount section and not even verify the whole deposit address, I confirm it since I learned about poisioning address every single time.

But maybe this is real and the person really lost all that amount and that is really sad, and no doubt we are responsible for what we are doing.

No doubt that much of money is a huge power and taking full responsibility is must but sometimes even the experts make mistakes, they take things easily and in such case I can understan the person lost $282 million to scammers via phishing sites is a good reason and that happens but losing to address poisoning that is really stupid.

[Hypnotizer]

That $50 million address poisoning attack was really the dumbest mistake. If the case is real, because in the first place I doubt that, because it is not that easy for someone to just type $50 million in the amount section and not even verify the whole deposit address, I confirm it since I learned about poisioning address every single time.

Well in some cases it is basically just Laziness, they don’t double check or triple check the receiving address and confirm before sending..they’ll just copy/paste it.

Apart from that $50m address poisoning attack, there was a recent address poisoning scam on a victim ETH that caused him  $12.4m because he copy/paste an address from his transaction history which looked identical to the one he usually sends funds to and that how he lost that amount of money because he didn’t double check and confirm the receiving address.

But maybe this is real and the person really lost all that amount and that is really sad, and no doubt we are responsible for what we are doing.

No doubt that much of money is a huge power and taking full responsibility is must but sometimes even the experts make mistakes, they take things easily and in such case I can understan the person lost $282 million to scammers via phishing sites is a good reason and that happens but losing to address poisoning that is really stupid.

Nothing is a good reason to get scam, it is actually worse for someone with that huge amount of money to fall for that kinda scam, as an investor you should protect your investment by all means.

[L E G E N D A R Y]

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..

In anything that concern investment in cryptocurrency, one has to always apply wisdom. That is why its good for one to first of all acquire more knowledge and understanding before making a decision, as it will help them to know how to invest right and how to also protect their coins from fraudsters.

[Faisal2202]

Nothing is a good reason to get scam, it is actually worse for someone with that huge amount of money to fall for that kinda scam, as an investor you should protect your investment by all means.

Oh, I think there might have been a misunderstanding here, because what I mean by good reason was, it is a better reason than losing money in an address poisoning scam because at least here the scammer is putting real effort and they try to convince the victim, they put an effort into them. But in address poisoining, the vicitim is really unaware of the whole situation and following ways that should not be followed and they got scammed.

And I agree none of them are good for the victims, because losing money that they have earned with hardwork is a huge lose to mental health most.

[Hatchy]

Well in some cases it is basically just Laziness, they don’t double check or triple check the receiving address and confirm before sending..they’ll just copy/paste it.

Apart from that $50m address poisoning attack, there was a recent address poisoning scam on a victim ETH that caused him  $12.4m because he copy/paste an address from his transaction history which looked identical to the one he usually sends funds to and that how he lost that amount of money because he didn’t double check and confirm the receiving address.

Not necessarily laziness.. some investors while making transactions, the are usually distracted by other things. We know how it is when one is in a rush and crypto transactions aren't something you should be doing blindly. You must be fully aware of what you are doing, so you don't end up making mistakes like sending to a wrong address.. this is another reason why many Investors have lost their funds. But we can be better than this.. it's not easy though but being cautious when making a transaction is crucial..

Nothing is a good reason to get scam, it is actually worse for someone with that huge amount of money to fall for that kinda scam, as an investor you should protect your investment by all means.

No one is happy after a scam, but these are events that are unplanned for. The best we can do is remain vigilant to avoid falling victims of such kind of scams..

[0x000369]

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.

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.

these amounts are insane for such basic blunders
@hypnotizer you talk about great power and great responsibility
but it seems some of these "whales" just have great money and zero responsibility
it's not rocket science to keep a seed safe or double check an address especially when you're moving hundreds of millions
honestly it's almost like they want to get rekt by being so careless
the hardware wallet itself isn't the problem it's the squishy meatbag holding it
always has been always will be
people hear "self custody" and think it means "magic fairy dust" not "you better pay attention"
lol
no sympathy for these kinds of losses due to pure negligence

[gibrab16]

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.

Selfcustody aint a game being your own bank means you are the security team as well. Scammers stay lurking so you have to double check everything. have trust no links and do not get sloppy that where many people go wrong  Power is not with out responsibility. Protect your money as nobody is going to save you

[Johnlomape]

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.

That $50 million address poisoning attack was really the dumbest mistake. If the case is real, because in the first place I doubt that, because it is not that easy for someone to just type $50 million in the amount section and not even verify the whole deposit address, I confirm it since I learned about poisioning address every single time.

But maybe this is real and the person really lost all that amount and that is really sad, and no doubt we are responsible for what we are doing.

No doubt that much of money is a huge power and taking full responsibility is must but sometimes even the experts make mistakes, they take things easily and in such case I can understan the person lost $282 million to scammers via phishing sites is a good reason and that happens but losing to address poisoning that is really stupid.

I don't know how the address poisoning works but I think someone that has this kind of amount of money should be very careful how to interact with their wallet. To get this kind of money is very hard and I don't know why the victim is so relax and unthoughtful of himself to fall for this kind of scam. Having this kind of amount of money supposed to be in a cold wallet where their is no Internet connection so you will not be tempted to manipulated to go touch the money. It can be very painful losing this kind of amount of money to a scammer that will not know how to spend it wisely but use the money to flex.

[Hypnotizer]

I don't know how the address poisoning works but I think someone that has this kind of amount of money should be very careful how to interact with their wallet. To get this kind of money is very hard and I don't know why the victim is so relax and unthoughtful of himself to fall for this kind of scam. Having this kind of amount of money supposed to be in a cold wallet where their is no Internet connection so you will not be tempted to manipulated to go touch the money. It can be very painful losing this kind of amount of money to a scammer that will not know how to spend it wisely but use the money to flex.

You can learn more about what Address poisoning scams are in this thread created by Pmalek. The thread Explains what Address poisoning scam really well.

Basically even keeping the coins in a hardware or cold storage device wouldn’t help in cases like this because the Victim that lost $282m+ was storing his coins in a hardware wallet but the scammer used social engineering scam method to gain access to his seed phrase and then drained the wallet. That’s why we need to really understand how all this scans works and how to really avoid falling for it and staying very vigilant.

[Kelvinid]

Your responsibility as a bitcoin owner does not end once you store your bitcoin in a hardware wallet. There are still things you need to work for, there are still traits and behaviors you need to develop to ensure that your bitcoin is safe 24/7.

And owning bitcoin is never just a dream or goal, but it also comes with deeper sense of responsibility where bitcoin will teach you, at the same time you also learn to be more cautious and responsible because you value every single bit of your bitcoin.

[Floczy]

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'

What is more surprising to me is that people do have large amount of coins in wallet, they value the least. I am thinking the owner of this wallet, have more coins in other wallet, if this was the only wallet he has, he would have treat it with extreme caution.

Now, what gets me annoyed reading the entire story is that, security is the most discussed topic when we talk about Bitcoin and crypto, why do people still fall for scams every single day, and who do people still make mistake when making transactions?  Sorry that I am asking you this question 

[Pmalek]

I don't know how the address poisoning works but I think someone that has this kind of amount of money should be very careful how to interact with their wallet. To get this kind of money is very hard and I don't know why the victim is so relax and unthoughtful of himself to fall for this kind of scam. Having this kind of amount of money supposed to be in a cold wallet where their is no Internet connection so you will not be tempted to manipulated to go touch the money. It can be very painful losing this kind of amount of money to a scammer that will not know how to spend it wisely but use the money to flex.

Address poisoning scams aren't hacks and exploits, where an attacker gains access to your wallet somehow or takes advantage of a bug or a vulnerability to steal your crypto. It's deception and a trick that makes the victim send their money to the wrong address voluntarily. This falls under social engineering. A hardware or cold wallet can't protect someone who sends crypto to the wrong address or doesn't know how to generate and verify destination addresses properly. Your protection is knowledge, common sense, and following a standard address verification logic.

If you don't take shortcuts and are careful every time you send crypto, you should be fine. If you copy addresses from block explorers or the history tab of your wallet, it's a disaster waiting to happen. 

[ultrloa]

I don't know how the address poisoning works but I think someone that has this kind of amount of money should be very careful how to interact with their wallet. To get this kind of money is very hard and I don't know why the victim is so relax and unthoughtful of himself to fall for this kind of scam. Having this kind of amount of money supposed to be in a cold wallet where their is no Internet connection so you will not be tempted to manipulated to go touch the money. It can be very painful losing this kind of amount of money to a scammer that will not know how to spend it wisely but use the money to flex.

Address poisoning scams aren't hacks and exploits, where an attacker gains access to your wallet somehow or takes advantage of a bug or a vulnerability to steal your crypto. It's deception and a trick that makes the victim send their money to the wrong address voluntarily. This falls under social engineering. A hardware or cold wallet can't protect someone who sends crypto to the wrong address or doesn't know how to generate and verify destination addresses properly. Your protection is knowledge, common sense, and following a standard address verification logic.

If you don't take shortcuts and are careful every time you send crypto, you should be fine. If you copy addresses from block explorers or the history tab of your wallet, it's a disaster waiting to happen. 

Great explanation towards that matter since  address poisoning is not really a hacking activity done by some criminals online, but rather this is a trick. The wallet we use cannot save us especially if we send our funds on wrong destination. What can we do to avoid getting compromised by address poisoning is to double check always the address we are about to send our funds before clicking the send button.

If they try to shortcuts everything then copy the wallets from their transactions history with this they are bound to commit a mistakes, they should avoid that and make sure that they verify for many times the wallets on where they want to send their funds.