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A major Bitcoin heist has shaken the crypto industry, with an elderly U.S. investor losing approximately $330 million worth of BTC in a highly coordinated cyber attack. The incident now ranks among the top five largest crypto thefts in history, according to blockchain analysts.
Wallet Breached via Social Engineering
The attack occurred on April 28, 2025, when a suspicious transaction involving 3,520 BTC was flagged by blockchain monitoring tools. Investigators later confirmed that the funds were drained from the victim’s wallet using sophisticated social engineering techniques.
Blockchain data revealed the victim had been holding more than 3,000 BTC since 2017, with no significant movements, indicating that the attacker likely spent months or even years preparing for the breach.
Funds Obscured Using Privacy Coins
Immediately after gaining control of the assets, the attacker began laundering the funds through over six instant exchange platforms, quickly fragmenting the BTC using a method known as a peel chain — where large sums are broken into smaller transfers to evade detection.
A significant portion of the stolen BTC was converted into Monero (XMR), a privacy-focused cryptocurrency known for its untraceable transactions. Following the conversion, Monero’s price surged by over 50%, briefly reaching $339.
Over 300 Wallets and 20+ Exchanges Involved
Security researchers tracking the stolen funds estimate that the laundering process involved more than 300 different wallets and over 20 exchanges or payment services. A majority of the assets were funneled through low-trust platforms and mixing services, making traceability extremely difficult.
In some cases, portions of the BTC were even bridged to Ethereum and moved into various DeFi platforms, further complicating the forensic trail. Exchanges have been alerted, and requests to freeze suspect accounts are underway.
No Links to Known Threat Actors
Despite the scale and complexity of the operation, cybersecurity experts say the laundering techniques do not match the typical signatures of well-known hacking collectives like Lazarus Group. The identity of the perpetrators remains unknown, though the use of pre-established exchange accounts and OTC desks suggests a well-orchestrated and premeditated plan.
Security Best Practices for Crypto Holders
In response to the attack, security professionals are urging crypto holders — especially those managing large Bitcoin reserves — to adopt strict protective measures. These include the use of multisignature wallets, minimizing exposure to internet-connected hot wallets, storing assets in cold hardware wallets, and regularly rotating private keys.
During the first quarter of 2025, cyberattacks on crypto platforms have led to losses exceeding $1.6 billion, with a significant portion tied to previous large-scale incidents. This case serves as yet another reminder of the critical importance of personal wallet security in the evolving threat landscape of digital finance.
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