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A fraud stole 0.72 ETH from users by posting a private key to his wallet in social media

A scammer implemented a simple but effective scheme to steal 0.72 ETH from cryptocurrency users. The fraud openly published a private key to his wallet with $5 000 worth of cryptocurrency stored in it, whereas the specialized malicious script has been transferring the commission fees other users were paying to withdraw funds stored in the wallet to the criminal’s accounts.

Though it is recommended to maintain one’s private keys in strict confidence and secrecy, some internet traders do post their keys in social media prattling on the lack of ethers to pay the commission fees. The fraud has been exploiting this minor trend by posting his private key to a wallet containing $5 000 worth in Minerium tokens.

After reading his post, some of the users tried to get their hands on these funds by paying transaction fees to withdraw them from the wallet but lost their money to the fraud by activating the malicious script attached to it.

More than 400 users have already fallen into this trap and lost about $500 worth in ethers in total. The malicious wallet still remains active.

As reported earlier, the first quarter of this year saw cryptocurrency holders losing as much as $1 360 000 000 to scammers, hackers and fictitious ICOs.