Hackers Steal $4 Million from Webaverse Crypto Project in Cyber Attack
- Akansha Gupta
- February 8, 2023
- Crypto, News
- 0 Comments
Ahad Shams, co-founder of the Web3 metaverse game engine company “Webaverse”, reported a loss of $4 million in cryptocurrencies. The unusual aspect of this loss was that it occurred during a meeting with individuals pretending to be investors at a hotel in Rome. The funds were stolen from a recently established Trust Wallet, which was designed to secure the digital assets.
According to Ahad Shams, co-founder of Webaverse, neither was he connected to a public WiFi network at the time of the hack, nor could the perpetrators have possibly obtained his private key.
The Inside Story of Hack
Ahad Shams disclosed that the breach of his Trust Wallet in an Ethereum-based transaction resulted in the funds being separated into six individual transactions and transferred to six newly created addresses without a previous history.
Shams also disclosed that the stolen $4 million in USDC was quickly converted using the swap address feature of 1inch into Ethereum (ETH), wrapped-Bitcoin (wBTC), and Tether (USDT). He acknowledged that the loss of $4 million was a major setback for Webaverse and that the incident still haunts him.
Importance of Taking Precautions In Cryptocurrency Dealings
This incident highlights the importance of taking extra precautions when dealing with cryptocurrencies. It’s essential for individuals to always remain cautious and ensure the secure storage of their digital assets in a secure wallet. It’s also advisable to avoid meeting with unknown individuals, especially if they are claiming to be investors, and to always do thorough research before investing in any project.
The team at Webaverse will likely work to enhance their security measures and hopefully recover some of the stolen funds.