On August 19, 2024, a sophisticated social engineering scheme resulted in the loss of $243 million worth of Bitcoin from a Genesis creditor. The attack was orchestrated by three individuals known as Greavys (Malone Iam), Wiz (Veer Chetal), and Box (Jeandiel Serrano), who employed impersonation tactics to execute their plan.
The Heist Unraveled
The scam involved impersonating support staff from Google and the cryptocurrency exchange Gemini to gain access to the victim’s accounts. The attackers successfully bypassed two-factor authentication, demonstrating a calculated blend of technological exploitation and psychological manipulation.
Blockchain investigator ZachXBT played a crucial role in the aftermath, using blockchain analysis to trace the stolen assets across various exchanges. His work led to the identification and apprehension of Box in Miami and Greavys in Los Angeles, showcasing the effectiveness of blockchain forensics in combating cryptocurrency crime.
Investigation and Arrests
ZachXBT’s investigation combined blockchain analysis with open-source intelligence (OSINT) and cooperation with security firms. The analysis revealed that a significant portion of the stolen funds was funneled through multiple exchanges, ultimately leading to Wiz, who received $34.5 million traced to a single Ethereum wallet.
A critical breakthrough came when Wiz made a mistake during a screen-sharing session, allowing investigators to connect audio recordings to his identity. Greavys was implicated due to his extravagant spending habits, which included purchasing luxury cars and throwing lavish parties, with $3.5 million of the stolen funds linked to him.
Box was identified as the impersonator for Gemini and was connected to $18 million in stolen assets. ZachXBT traced a complex web of Ethereum addresses related to both Box and Wiz, uncovering over $41 million in transactions involving high-end goods.
Funds Laundering and Recovery Efforts
The hackers quickly laundered the stolen funds through more than 15 exchanges, converting them into various cryptocurrencies, including Bitcoin, Litecoin, Ethereum, and Monero. However, through collaboration with blockchain analytics firms and exchange security teams, over $9 million was frozen, with $500,000 already returned to the victim.
This incident highlights the ongoing challenges within the cryptocurrency landscape, where anonymity can complicate recovery efforts but also allows for traceability through blockchain technology. In a related context, the crypto community has expressed concerns about other significant thefts, such as the recent $75 million ransom paid by healthcare company Cencora in Bitcoin, where on-chain analysts tracked the transactions.
Conclusion
The Genesis creditor’s experience serves as a stark reminder of the vulnerabilities in the cryptocurrency ecosystem, particularly concerning social engineering attacks. While blockchain technology offers a degree of traceability, the incident underscores the need for heightened security measures and awareness among users to safeguard their digital assets.
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