Cyber hackers stole $243 million in cryptocurrency through a scam that pretended to be Google Support. In the world of digital money, crypto has become both a big innovation and a place where criminals can do bad things. Originally, crypto was a way to avoid traditional money, but now it’s a huge industry worth trillions. However, with that growth comes risks. In 2024, some hackers pulled off a huge scam by tricking a company linked to Genesis into giving them access to their crypto. They used a clever trick where they pretended to be Google Support, making it seem like they were real.
Thanks to an investigator named ZachXBT, this scam was discovered in September 2024.
He found out that just a month earlier, in August, the hackers had convinced a Genesis creditor to give them sensitive information. With that, they were able to take control of crypto accounts and steal Bitcoin worth $243 million.
ZachXBT worked with the police to find the people behind the scam and recover some of the stolen money.
But even though they caught some of the hackers, the damage was done. This event shows that even big companies can be tricked by someone pretending to be someone else. That raises the question: How safe are regular people who use crypto?
Unlike hacking computers with software,
social engineering targets people’s trust and emotions. Hackers use tricks like pretending to be a trustworthy company to make people give them private info. In this case, they used Google Support’s reputation to trick their victim into giving up login details.
There are a few reasons these tactics work.
One is that people tend to follow instructions from someone they see as important. Another is that hackers make people feel like they need to act fast. And third, crypto can be complicated, so people often turn to support channels, which makes them easier targets.
The reason hackers target crypto is because of how it works.
Once you send Bitcoin, you can’t get it back like you would with a bank. Also, the identities behind crypto wallets are often hidden, making it hard to track. Plus, crypto works globally, which makes it harder to catch criminals. And because so much money moves through crypto every day, even a small theft can be huge.
This attack is a warning for both individuals and big companies.
To protect themselves, people and firms need to be more careful with their security.
First, using only strong passwords isn’t enough.
You should use multi-factor authentication, like a hardware key. Second, be careful of fake support teams. If someone claims to be from a company’s support, you should check independently by going to the official website. Third, businesses should test their security regularly to find and fix weak points. Fourth, keep large crypto amounts in cold storage and spread money across different wallets. Lastly, use tools that can monitor crypto movements to spot unusual actions.
This incident is part of a bigger trend.
In 2022, over $3 billion in crypto was stolen from different platforms. These attacks show that as crypto gets more popular, its security is still catching up. For governments, this means they need to create better laws to help protect customers. For crypto companies, they must invest more in protecting users. And for regular users, it means taking responsibility for their own security, since there’s no bank to help if things go wrong.
Even though the hackers were able to take a lot of money, the fact that they were caught shows a good side of crypto.
Because all transactions are recorded on the blockchain, it makes it easier to track stolen funds and catch criminals. This transparency helps investigators track and recover some of the stolen assets, which is not usually possible in traditional banking systems.
As the battle between hackers and security experts continues, it’s clear that social engineering will stay a big risk.
No system can stop people from being tricked by trust. The $243 million Google Support scam shows how big the risk can be, but it also highlights what can be done to protect against it.
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