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- Binance warns after $91M in Bitcoin is stolen through a social engineering scam using fake support messages.
- Scammers impersonate exchanges and wallets, tricking victims into revealing sensitive login details.
- Social engineering scams caused $600M in crypto losses during the first half of 2025, data shows.
Bitcoin users have been advised by Binance after one individual lost $91 million in a social engineering scheme. The theft revealed the fact that criminals do not hack but manipulate. They scam victims into giving sensitive information by posing as trusted support personnel. This case presents the increasing risk of fraud against crypto investors.
On August 21, blockchain investigator ZachXBT reported the theft. He also mentioned that the attack occurred two days ago. The fraudsters took on the form of a cryptocurrency exchange and a hardware wallet provider. They sent false text messages to create panic. This strategy persuaded the victim to provide important account details.
Binance Flags Rising Social Engineering Threat
The attackers threatened the victim about the logins of unknown devices. Other messages said that suspicious transfers were taking place. They were then requested to call fake customer care numbers or visit fake websites. After entering our information, attackers could have full access to accounts. They managed to empty 91 million dollars of Bitcoin during that period.
ZachXBT did not identify the exchange it would target. However, Colin Wu, a Chinese journalist, said that Binance had issued a warning after the theft. The exchange characterized the fraud as an increasingly serious risk. The hackers use text messages resembling security notices, according to Binance. These alerts are crafted to get users to respond hastily and carelessly.
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Social Engineering Scams Hit $600M in 2025
The issue is not isolated. AAccording to the cybersecurity firm Hacken, social engineering scams caused losses of $600 million in the first half of 2025. This was approximately 19 percent of all losses in the crypto platforms. The numbers illustrate the extent to which such attacks have become prevalent over a short period of time.
Binance suggested that its users exercise caution. The exchange has reminded people that it does not ask them to share their wallet keys or log in via text messages or emails. The firm recommended that users avoid opening links in messages that appear suspicious. Rather, they are advised to directly verify activity on official platforms. Binance explained that the most effective protection is awareness.
Analysts predict that scammers will increase such attacks. Social engineering is not technically demanding, but it can be very effective. Criminals are refining their methods to look real and credible.
The financial analysts said that the burden is now on the investors. All users need to confirm messages prior to responding to them. Vigilance continues to provide the best protection against future losses.
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