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Trader Loses $68M in WBTC One-Click Crypto Nightmare

Trader Loses $68M in WBTC One-Click Crypto Nightmare

A crypto trader experienced a startling turn of events, losing $68 million in Wrapped Bitcoin (WBTC). The trader’s reference to a tainted transfer history was the root of the debacle. This event is an eloquent illustration of a “crypto nightmare” and a sobering reminder to exercise caution when exchanging and transferring cryptocurrency. 

Over $68 Million Worth Of Wrapped Bitcoin Lost

The trader copied the incorrect address from a corrupted transfer history, resulting in the loss of almost $68.27 million worth of Wrapped Bitcoin. A crypto investigator named Scam Sniffer claimed in a post on X that the victim had sent 1,155.28 WBTC to the incorrect address.

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The regrettable event occurred only a few hours earlier and shocked the cryptocurrency world. Moreover, a few hours after the transaction, the Wrapped Bitcoin price shot past $61,000. As a result of this surge, the value of the transferred Wrapped Bitcoin increased to almost $70 million, indicating potential losses for the victim. 

A synthetic asset linked to the value of Bitcoin (BTC) is called WBTC, a tokenized version of the cryptocurrency. Thanks to its operation on the Ethereum blockchain, users can access the liquidity and functionality of Bitcoin within the Ethereum ecosystem. However, converting Bitcoin to WBTC entails numerous processes. This covers the possibility of risk exposure for consumers who deposit Bitcoin into a custodial wallet. 

Web3 Fraud Losses Are Falling April 

Prior to this, April 2024 saw a sharp 67% drop in cryptocurrency fraud losses over the previous month. In the midst of the recent unrest, investors found some solace in this decline. The crypto domain experienced 40 attacks in April, resulting in $60.2 million in losses. Meanwhile, March witnessed the drain of a staggering $187.67 million worth of crypto assets. 

However, even with this general downturn, there have been some significant breaches; the most severely impacted victim was Hedgey Finance, which lost almost $47.35 million. In addition, a whopping $44 million bonus was in the balance at the time of the attack on Hedgey Finance, and a further $2 million in stolen monies were laundered through Tornado Cash. 

Other notable breaches include Grand Base, which lost $2.67 million and Fixed Float, which lost about $3 million. Pike Finance also lost $1.7 million worth of crypto funds. Additionally, Zest Protocol and X Bridge were targeted, suffering losses of $1 million apiece.  

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