Blockchain investigator ZachXBT recently shared the recovery of $275,000 stolen from an elderly victim in the United States by Indian call scammers posing as Coinbase support staff. The incident, which occurred in April 2024, saw the victim lose a large portion of their life savings, but thanks to investigative efforts, the stolen funds were seized and will soon be returned to the rightful owner.
Theft and Recovery: A Detailed Breakdown
The scammers, impersonating representatives from Coinbase, tricked the elderly victim into surrendering sensitive account details, leading to the unauthorized transfer of a substantial sum. According to the theft transaction hash 30125031d32a3a2ec9a6963d218bf2494d4392d9444586061a97d84511479346, the fraudsters swiftly moved the funds through various cryptocurrency channels to make recovery efforts more difficult.
During the investigation, ZachXBT uncovered the larger scope of the criminal network, which had stolen over $5 million from other victims. The stolen funds were laundered through a sophisticated process, starting with the transfer of stolen Ethereum and Bitcoin to Tron via centralized exchanges (CEX). From there, the illicit funds were converted into stablecoins and ultimately moved through over-the-counter (OTC) platforms.
A Broader Scheme: Millions Stolen and Laundered
This case highlights a disturbing trend of cybercriminals targeting vulnerable individuals and laundering funds through cryptocurrencies. The $275,000 recovery represents just a fraction of the group’s activities, with more than $5 million stolen from other victims by the same organization. The use of Tron and centralized exchanges allowed the scammers to obfuscate the stolen assets before moving them to OTC markets, making the tracking and recovery of these funds incredibly challenging.
