22. February 2024

Scammer Steals $55K Crypto from U.S. DEA in High-Tech Heist

• A scammer has reportedly duped the U.S. Drug Enforcement Agency (DEA) into sending them $55,000 worth of crypto.
• The bad actor noticed a test transaction from the DEA and created a look-alike wallet address to which the agency sent more than $55,000 worth of USDT.
• The FBI is spearheading an investigation to track the stolen funds, which have already been converted to Ethereum (ETH).

Scammer Dupes U.S. Drug Enforcement Agency for Crypto

A scammer has reportedly duped the U.S. Drug Enforcement Agency (DEA) into sending them $55,000 worth of crypto by taking advantage of a test transaction from the agency.

How it Happened

The DEA had sent a test transfer of $45.36 worth of Tether (USDT) to the U.S Marshals Service after seizing more than $500,000 worth of stablecoin in May from two Binance accounts suspected of laundering drug money. The scammer noticed this test transaction and created a crypto wallet with the same first five and last four characters as that used by the U.S Marshals’ address and then airdropped a token into it, resulting in DEA mistakenly believing they were sending funds to their own wallet address when they transferred over $55,000 worth of USDT instead to this fake one owned by the scammer..

FBI Spearheads Investigation

The stolen funds have been tracked by both DEA and Federal Bureau Of Investigation (FBI), with latter filing for warrant for investigation purposes after discovering that these coins were converted into Ethereum (ETH) and transferred into another wallet belonging to an unknown individual or organization.

Decline in Digital Asset Scams Revenue

According to Chainalysis’s report on blockchain data platform, revenue produced through digital asset scams saw 77% decline during first half of 2023 compared to its same period last year making it one amongst top 5 most profitable crypto crime categories out there today .

Conclusion

This incident shows how scammers have been able take advantage even from smallest details like short transactions from government agencies in order to make quick profits while posing serious threat on security front as well . It also highlights importance for organizations dealing with cryptocurrency assets need strong monitoring systems in place along with proper education on basic safety measures against scams like these .