How crypto criminals stole $700 million from people – often using age-old tricks

Crypto criminals are reported to have used aged tricks to siphon funds, with a BBC‑reported case highlighting how stolen databases were leveraged to target high spenders. According to BBC, a hacker bought spreadsheets for $300,000 (£224,000) to identify the biggest spenders, then cross‑referenced them with other stolen data to impersonate targets and scam Coinbase users. He claims to have used the information alongside another stolen dataset to extract at least $1.5m (£1.1m) in crypto.

The same individual also provided confirmation of owning $700,000 (£522,000) in Bitcoin, said to come from a single victim, and he described how he continues to process the list to “tripled my money very fast.” The hacker told BBC he is a student at a US university, underscoring how individuals behind crypto fraud can blend into everyday life while pursuing lucrative breaches.