Cyprus Investor Loses $448K in Email Hack
The post Cyprus Investor Loses $448K in Email Hack appeared on BitcoinEthereumNews.com. On the surface, it looked like just another day. But for one crypto investor in Cyprus, June 11, 2025, would become a financial nightmare. Over $448,000 worth of Bitcoin, Ether, and other digital assets vanished from his wallet in a matter of hours, not because of an exploit, but because someone gained access to his email. This wasn’t a smart contract bug. It wasn’t a rug pull. It was a silent breach that exposed a deeper issue in crypto – most users still rely on centralized exchanges and custodial wallets, leaving their assets vulnerable to the most common method of attack: email. How Did The Hack Happen? According to official reports, the investor’s email was compromised through an as-yet-unknown method, likely poor password hygiene, phishing or social engineering. The attackers didn’t exploit any blockchain vulnerability. They simply used his inbox to recover exchange logins and authorize fund transfers from custodial wallets. Within hours, approximately €381,000 (or $448,000) was transferred out of his account. The funds were gone long before the victim realized what had happened. Worse still, the incident wasn’t reported to authorities until more than a month later, making any hope of recovery slim to none. Why Email Is the Weakest Link Most users don’t realize how tightly their email is connected to their financial lives. If you store crypto on a centralized exchange, a compromised inbox is often enough to take full control of your funds. It’s not just password resets. It’s two-factor prompts, recovery confirmations, and device authorizations, all of which are routed through the same email inbox most people leave logged in across multiple devices. What Self-Custody Could Have Changed Had the victim stored his funds in a secure, self-custody wallet this entire event could have been prevented. A self-custody wallet doesn’t rely on exchange logins…
The post Cyprus Investor Loses $448K in Email Hack appeared on BitcoinEthereumNews.com.
On the surface, it looked like just another day. But for one crypto investor in Cyprus, June 11, 2025, would become a financial nightmare. Over $448,000 worth of Bitcoin, Ether, and other digital assets vanished from his wallet in a matter of hours, not because of an exploit, but because someone gained access to his email. This wasn’t a smart contract bug. It wasn’t a rug pull. It was a silent breach that exposed a deeper issue in crypto – most users still rely on centralized exchanges and custodial wallets, leaving their assets vulnerable to the most common method of attack: email. How Did The Hack Happen? According to official reports, the investor’s email was compromised through an as-yet-unknown method, likely poor password hygiene, phishing or social engineering. The attackers didn’t exploit any blockchain vulnerability. They simply used his inbox to recover exchange logins and authorize fund transfers from custodial wallets. Within hours, approximately €381,000 (or $448,000) was transferred out of his account. The funds were gone long before the victim realized what had happened. Worse still, the incident wasn’t reported to authorities until more than a month later, making any hope of recovery slim to none. Why Email Is the Weakest Link Most users don’t realize how tightly their email is connected to their financial lives. If you store crypto on a centralized exchange, a compromised inbox is often enough to take full control of your funds. It’s not just password resets. It’s two-factor prompts, recovery confirmations, and device authorizations, all of which are routed through the same email inbox most people leave logged in across multiple devices. What Self-Custody Could Have Changed Had the victim stored his funds in a secure, self-custody wallet this entire event could have been prevented. A self-custody wallet doesn’t rely on exchange logins…
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