A Lagos-based crypto trader narrowly avoided losing his digital assets after receiving a convincing call from fraudsters impersonating Bybit customer support.
Ewgi, known online as Ssaasquatch, shared his frightening experience on X, drawing attention to the escalating dangers in the cryptocurrency world. The caller, posing as a polished Bybit agent, greeted him by full name and account ID, warning that a hacker in Slovakia was attempting to drain 1 BTC from his wallet. The scammer even referenced a transaction Ewgi carried out earlier that day in Lagos, heightening the call’s believability.
My heart was racing. It felt way too real. They knew just enough to scare me…get yourself a hardware wallet – Ewgi
He Praised Tangem’s portability, stressing the importance of keeping keys offline to thwart remote hacks.
Suspicion eventually took hold when the caller stumbled while discussing his current balance, vaguely mentioning only “inflows and outflows”. Ewgi demanded her identity, at which point the call abruptly ended. Realizing the danger, he promptly transferred his funds to a Tangem hardware wallet and alerted the crypto community on X.
Recall, Daily Tech Nigeria reported about the Bybit’s record-breaking February 21 hack, where North Korea-linked Lazarus Group exploited vulnerabilities to siphon $1.5 billion. Among the stolen assets were user details, KYC documents, and transaction records, now circulating for mere pennies on dark web marketplaces.
Cybercriminals leverage this data to orchestrate sophisticated scams, contacting victims with precise personal information to build trust before attempting to steal assets or credentials. A recent report from Calcalistech revealed AI-powered vishing rings targeting crypto executives globally.
Traders increasingly share stories of narrowly evaded calls, with some opting to abandon centralized exchanges altogether. Even high-profile losses, such as a $1.3 million scam suffered by a THORChain co-founder, underline the widespread nature of the menace.
Bybit has responded with measures including anti-phishing codes and peer-to-peer escrow protections. However, users report frustrations stemming from slow dispute resolutions and scams exploiting complaint systems, resulting in further financial damage to victims.
Forbes warned against blind signing and unsolicited requests, while The New York Times attributed Bybit’s breach to overlooked security flaws in free wallet services. With Web3-related losses totaling $1.6 billion this year, vigilance is paramount.
Bybit stresses that no genuine representative will call unexpectedly or demand sensitive information. Yet scammers persist, continually refining tactics using pilfered user data.
For traders like Ewgi, always verify through official platforms, move funds to secure cold storage solutions, and maintain cautious awareness. In the high-stakes realm of digital currency, vigilance transcends advice, it ensures survival.
