A crypto wallet service co-founder shares with the world his agony after losing $125,000 to a crypto scam.
The startup CEO, who at the time believed he was on a legitimate cryptocurrency airdrop website, realized after his loss that the domain he'd went on was setup for the purposes of phishing unsuspecting users.
The CEO made the mistake of believing a crypto airdrop article that had been published on Medium.
The now-removed article was intended to drive traffic to a lookalike phishing domain, lessfeesandgas[.
Lou later realized that the domain had been impersonating lessfeesandgas.org, a legitimate website, as a part of a scam.
He shared the exact transaction associated with the blunder that cost him 52 stEth, approximately $125,000 at the time.
Although the co-founder garnered a fair amount of support and sympathy for being a victim of a scam, he was also ridiculed by some for claiming that his product could have prevented this.
Bax says he's now got $600 stuck in Nest Wallet due to a bug, while running this little demonstration contesting Lou's claim.
Comments from other social media users appeared to both support Lou, and mock the ironic situation.
The recent upsurge in cryptocurrency scams has spared no one, not even industry experts.
Unfortunate stories like Lou's, and that of the blockchain developer, will hopefully raise security awareness in the blockchain sphere and caution users to be extremely careful when dealing with cryptocurrency websites, job assignments, and deals that look too good to be true.
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This Cyber News was published on www.bleepingcomputer.com. Publication date: Fri, 05 Jan 2024 12:20:27 +0000