A blockchain forensics business in the UAE called Match Systems found and returned $68 million worth of cryptocurrency that had been stolen in what is called a “dust attack.” This is very important for people who use cryptocurrencies. This Bitcoin exchange helped get the $69.3 million stolen back to the person who lost it.
On May 3, 1,155.28 Wrapped Bitcoin (WBTC) was stolen from a Bitcoin whale who was the target of an “address poisoning” attack. The victim first tried to get in touch with the attacker and even offered a 10% prize, but the attacker didn’t answer.
But on May 9, the attacker suddenly contacted the victim and said he or she wanted to talk on Telegram. The person who lost money asked Match Systems CEO Andrei Kutin and his team to help them find and recover the stolen funds.
Blockchain Firm Leads Investigation and Recovers Stolen Funds
Match Systems was led through a complicated web of transactions during the investigation.The stolen products were moved from one place to another to hide where they came from. Even though it was hard, Match Systems’ agents carefully followed the funds until they found the criminals.
The company didn’t say everything that happened during the recovery process, but it did say that after a week of searching, the stolen funds were found and returned to the legal owner. The attacker changed the victim’s WBTC to Ether (ETH), which caused a small drop in value. However, the victim got back all of the funds that were lost.
People’s funds are in danger because of address poisoning, a scam that uses real wallet names to steal money. Recovery of stolen things becomes less likely over time, so Match Systems tells people who have been robbed to report the crime right away. According to their numbers, it’s only 20% likely to get better after a month, 60% after four hours, and 50% after 24 hours. Reporting events within the first hour raise those odds to 70%.
Everyone in the Bitcoin industry must work together and take precautions to stop fraud and protect users’ assets, as shown by Match Systems’s successful recovery of the stolen funds.
