Phishing Scam Drains $GIGA Wallets, Leading to $6M Loss and Market Turmoil

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Phishing Scam Drains $GIGA Wallets, Leading to $6M Loss and Market Turmoil

  • A fake Zoom link scam cost a $GIGA holder $6.09M, triggering a sell-off and sparking debate over security risks in crypto.
  • Hackers drained three wallets, using malware to access $GIGA tokens. This has raised serious concerns about phishing in Web3.
  • Despite the major sell-off, $GIGA’s market cap is still up for November, though investor confidence remains shaky.

Web3 anti-scam watchdog Scam Sniffer recently issued a warning regarding a phishing attack that resulted in an event involving the cryptocurrency $GIGA. After a huge sell-off, the coin’s price fell precipitously on November 12. 

The event occurred after a prominent $GIGA holder, known as “Still in the Game,” disclosed that his wallets had been drained by a fake Zoom link. According to the victim, the scam resulted in the theft of over 95 million GIGA tokens, valued at $6.09 million. Despite the loss, the investor remains optimistic and committed to recovering the funds.

https://twitter.com/realScamSniffer/status/1856190628088172891

Malware Attack Exposes Vulnerabilities in Crypto Markets

After clicking on a fake Zoom link that infected their computer with spyware, the victim fell for the hoax. As a result, hackers gained access to three Bitcoin wallets and extracted funds from them. The hacker then transferred the stolen tokens to an aggregator for Wrapped Solana (WSOL). 

Onchain analytics firm, Onchain Lens, confirmed the theft and the scale of the attack. The victim, now working with the FBI and a forensics team, has vowed to continue trading and recoup the loss in the ongoing bull market.

Community Reacts: Speculations and Warnings

While the incident is tragic, some members of the $GIGA community have raised suspicions about foul play. Meme coin speculator 0xRamonos pointed out that a single user should not have such a strong influence on the market. 

This raised doubts about the possibility of a pump-and-dump scheme, which has been a recurring issue in the meme coin space. However, others, like Murad, a well-known figure in the meme coin scene, vouched for the credibility of the victim, claiming they had consistently posted about $GIGA’s potential.

Impact on Market Confidence

Despite the severe price drop, GIGA’s market cap remains higher than at the beginning of November. However, the sudden sell-off has shaken investor confidence. The fact that 85 million GIGA tokens were sold at a loss due to the price impact of the sale has left many traders questioning the future of the coin. Consequently, the incident serves as a stark reminder of the risks associated with phishing attacks and the importance of vigilance in crypto.

The post Phishing Scam Drains $GIGA Wallets, Leading to $6M Loss and Market Turmoil appeared first on Crypto News Land.

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