As a seasoned cybersecurity analyst with over two decades of experience under my belt, I have witnessed the evolution of digital crimes and their increasingly sophisticated methods. The recent Genesis heist case is a stark reminder of the power of blockchain forensics in combating cryptocurrency crime, as exemplified by ZachXBT’s relentless pursuit of justice.
On August 19, 2024, an isolated Genesis creditor found themselves unwittingly targeted in a complex con game orchestrated by three individuals: Greavys (alias Malone Iam), Wiz (alias Veer Chetal), and Box (alias Jeandiel Serrano).
Indeed, the solution to this Genesis heist was significantly boosted by blockchain investigator ZachXBT, a clear illustration of the powerful role of blockchain forensics in combating cryptocurrency fraud. His thorough exploration into the path of the misappropriated assets as they passed through different exchanges and cryptocurrencies produced crucial evidence that eventually resulted in the arrests of Box in Miami and Greavys in Los Angeles.
Google, Gemini Impersonators Busted in Multi-Million Dollar Scam
ZachXBT combined blockchain investigation, open-source intelligence (OSINT), and collaborations with security companies to gather information about one of the biggest cryptocurrency thefts that occurred this year.
His investigation revealed a sophisticated operation that leveraged both technological weaknesses and human psychology. First, the attackers impersonated representatives from Google Support and then the Gemini exchange whose regulatory compliance make it a compelling choice for investors, to finally get access to the victim’s personal accounts and bypass two-factor authentication.
The largest portion of the embezzled funds was found to have been received by an individual known as Wiz (Veer Chetal). Remarkably, $34.5 million were traced back to a solitary Ethereum wallet. ZachXBT exposed Wiz thanks to a crucial blunder during a screen-sharing event and the subsequent release of incriminating audio recordings.
How a Crypto Thief’s Spending Spree in Genesis Heist Ended in Jail
In my investigation, I, as a researcher, discovered that the individual known as Greavys, or Malone Iam, was identified due to his extravagant spending in the aftermath of the Genesis heist. Instead of hiding his ill-gotten gains, he flaunted them by purchasing luxury cars and hosting lavish parties. The digital trail left behind led ZachXBT to trace $3.5 million from the embezzled funds to an Ethereum account linked to Greavys.
One individual, known as Box (Jeandiel Serrano), was found to have posed as a representative for Gemini, and was associated with approximately $18 million worth of stolen assets. ZachXBT managed to uncover a network of Ethereum accounts that were linked to both Box and Wiz, and traced transactions exceeding $41 million to dealers of luxury goods.
The cybercriminals swiftly moved the ill-gotten gains through over fifteen distinct digital platforms and promptly transformed them into several types of cryptocurrencies, such as Bitcoin, Litecoin, Ethereum, and Monero. By collaborating with blockchain analysts like ZachXBT and the security departments at various exchanges, approximately $9 million was seized, and a portion of $500,000 has already been returned to the victim.
To provide some context – not long ago, the healthcare firm Cencora encountered criticism from the cryptocurrency sphere after making a ransom payment of approximately $75 million in Bitcoin to resolve a cyberattack. Analyzing the blockchain data, it was discovered that these Bitcoin transactions were made in three separate installments during March.
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2024-09-19 22:30