Investor loses $6.09M in GIGA phishing scam

An investor holding Gigachad (CRYPTO:GIGA) tokens fell victim to a phishing scam, resulting in a $6.09 million loss, sparking concerns about security in the crypto community.

On Nov. 12, a significant sell-off led to a sudden drop in GIGA’s price.

Shortly after, the pseudonymous investor known as Still in the Game disclosed that the loss was due to their wallet being compromised by a fake Zoom link.

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

According to Scam Sniffer, an investigative firm specialising in crypto scams, the investor was tricked into clicking a fake Zoom invite link that directed them to a site aimed at stealing wallet information.

The site installed malware on their laptop, which allowed the attacker to drain funds from three crypto wallets into one.

Onchain Lens, an analytics firm, reported that 95.3 million GIGA tokens, worth $6.09 million, were stolen.

The hacker then converted these tokens into 11,759 Solana (SOL) valued at $2.1 million before exchanging them for stablecoins like Tether (USDT) and USD Coin (USDC).

The funds were then transferred to a separate wallet, with an additional 700 SOL being sent to KuCoin, a crypto exchange.

The affected investor noted that the United States Federal Bureau of Investigation (FBI) and a forensics team had been involved to help trace and recover the stolen assets.

“I’m going to make it all back and more. Just watch me,” stated the investor, expressing optimism despite the circumstances.

The incident comes amid rising concerns over security in the crypto market following other notable events, such as the $235 million hack of Indian crypto exchange WazirX.

At the time of reporting, the Gigachad (GIGA) price was $0.04998.