This Memecoin Trader Loses Over $6M to Zoom Link Phishing Scam

A Gigachad (GIGA) memecoin trader recently lost over $6 million in a phishing scheme involving a deceptive Zoom meeting link, according to blockchain analytics firm Onchain Lens. The trader reportedly clicked on a fake Zoom invite, which redirected them to a fraudulent website that captured sensitive wallet information.

A scammer drained 3 wallets holding $GIGA, causing a massive sell-off and a significant sell wick.

The scammer stole 95.27M $GIGA, valued at $6.09M before the sell-off, and sold it for 11,759 $SOL, worth $2.1M.

Later, the scammer converted $SOL into $USDC and $USDT and… https://t.co/vuDVDINdua pic.twitter.com/8BkQ31RVzv

— Onchain Lens (@OnchainLens) November 12, 2024

The phishing attack triggered a major sell-off, causing an unexpected drop in GIGA’s price. Shortly after the incident, the investor took to social media to alert the community about the hack.

“Just want to be transparent – the massive sell on $GIGA today was due to one of my wallets being drained by a fake Zoom link,” they tweeted.

Malware Gave Attackers Access to Funds

The trader explained that the phishing site had installed malware on their laptop, which allowed the attacker to access funds across three wallets. The hacker subsequently consolidated these assets into a single wallet before cashing out.

On-chain data showed that the attacker seized 95.3 million GIGA tokens, valued at $6.09 million. They then converted these tokens into 11,759 Solana, worth $2.1 million, and exchanged the Solana for Tether and USD Coin stablecoins.

The attacker moved the stablecoins to a separate wallet and transferred 700 SOL tokens to the KuCoin exchange. The trader has since involved the FBI and a forensics team to recover the funds. Despite the setback, the investor expressed optimism about recovering from the loss during the ongoing bull market. 

“This hurts bad but I will be back. I will always stay in the game,” they stated.

Traders Lose Over $127M to Phishing Scam

Reports indicate that crypto investors collectively lost over $127 million in Q3 2024 due to cyber scams, with phishing attacks accounting for around $46 million in September alone. An estimated 10,800 individuals fell victim to phishing in September.

Two major phishing incidents accounted for a $87 million loss in Q3 2024. Reflecting this trend, CoinTab reported a 215% increase in phishing cases in August, with one case involving a single wallet losing $55 million in a proxy ownership attack.