Crypto VC Partner Loses Life Savings in Sophisticated Phishing Attack
Mehdi Farooq, an investment partner at Hypersphere, a crypto venture capital firm, lost his life savings in a sophisticated phishing attack involving a fake Zoom call. This incident highlights the growing threat of cybercrime in the cryptocurrency industry.
How the Attack Occurred
The scam began when Farooq received a Telegram message from Alex Lin, a known contact. After scheduling a meeting through Calendly, Lin requested to switch to Zoom Business for “compliance reasons,” claiming another associate would join. This seemingly routine request raised no red flags.
The Devastating Outcome
During the Zoom call, Farooq encountered audio issues. Following instructions in the chat to update Zoom, his system was compromised. Attackers drained six cryptocurrency wallets containing years of savings. Investigations revealed Lin’s account had been hijacked by a North Korea-linked threat actor called “dangrouspassword.”
Rising Threat of Crypto Phishing Scams
This attack reflects an alarming trend of increasingly sophisticated phishing schemes targeting crypto professionals. BitGo CEO Mike Belshe recently warned about similar scams involving fake hardware wallet notifications. These incidents underscore the critical need for enhanced security measures in digital asset management.
