Crypto Investor Falls for Elaborate Social Engineering Trap

A well-known investor at crypto VC firm Hypersphere has fallen victim to an elaborate phishing attack that wiped out a substantial portion of his personal savings.

The scam, which unfolded through a fake Zoom call, highlights the increasing precision of social engineering tactics targeting professionals in the digital asset space.

Mehdi Farooq revealed that the incident began when he received a seemingly harmless message from a familiar name on Telegram. The impersonator, posing as someone Farooq had previously interacted with, arranged a meeting and later switched to Zoom Business, citing compliance reasons. The attackers cleverly added another trusted name to increase credibility.

Once on the Zoom call, Farooq was prompted to install an “audio fix” update after encountering sound issues. That update turned out to be malware. Within minutes, hackers accessed his system, drained six crypto wallets, and continued chatting via Telegram as if nothing was wrong.

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Farooq later confirmed the original Telegram account had been compromised. He linked the attack to a group associated with North Korea, known online as “dangrouspassword.”

This case joins a growing list of incidents involving high-level crypto professionals. Just weeks earlier, scammers sent fake Ledger-branded letters via USPS to trick users into scanning phishing QR codes. In another case, $330 million worth of BTC was stolen from an elderly victim using a similar phishing approach.

Experts warn that as crypto matures, sophisticated cyber threats targeting insiders are becoming the norm—not the exception.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.