UK Victims Lose $650K to Fake Bybit Demo Accounts in Crypto Hack Led by 'Ape 31' - Blockchain Expert's Investigation Reveals Shocking Details!

Over 250 UK victims fell for a fake Bybit demo account scam orchestrated by 'Ape 31', resulting in a total loss of $650,000. Blockchain expert ZachXBT is currently conducting investigations to uncover the shocking details behind this crypto hack.

HIGHLIGHTS

• More than 250 UK victims lost $650K in a scam involving fake Bybit demo accounts linked to scammer "Ape 31".
• 'Ape 31' managed to evade capture by constantly changing deposit addresses, making the tracing of stolen funds a challenging task.
• The year 2024 saw a significant increase in crypto hacks, with total losses amounting to $409M, including incidents involving Bybit, BingX, and Banana Gun.

Details of the Scam

In the recent months, the UK witnessed a large-scale crypto hack that targeted more than 250 individuals, resulting in a loss of $650,000. The hackers utilized fake Bybit demo accounts to lure victims with promises of easy money. The perpetrator, known as 'Ape 31', continues to shift deposit addresses, complicating the recovery of stolen funds.

Insights from Blockchain Expert ZachXBT

Blockchain expert ZachXBT has delved into the investigation of the crypto hack by analyzing 16 exchange deposit addresses associated with the scam. These addresses received funds from over 250 victims, accumulating a total of $650,000. Apart from the fake Bybit demo accounts, 'Ape 31' also attempted fraudulent over-the-counter crypto trades.

Wider Crypto Hack Trends

The fake Bybit demo account scam, as highlighted by ZachXBT, is part of a larger trend of crypto hacks sweeping the industry. Recent incidents include the breach at BingX exchange, resulting in a loss of over $43 million in altcoins, and the hack on Banana Gun protocol which saw $3 million stolen. In Q3 of 2024 alone, crypto-related hacks led to losses totaling $409 million.