SNEAK PEEK
- Blockchain sleuth ZachXBT’s relentless pursuit pays off: recovering the lion’s share of stolen NFT funds after a rigorous nine-month investigation.
- ZachXBT’s methodical approach unravels the intricacies of crypto theft, offering victims hope as he maps out the path to restitution, one digital footprint at a time.
- From aiding individuals to collaborating with national authorities, ZachXBT’s pivotal role in combatting crypto crime underscores the need for proactive measures in an increasingly digital landscape.
Blockchain investigator ZachXBT has successfully recovered most of the proceeds from a stolen NFT, marking the culmination of a nine-month probe into the theft. The NFT, a rare DeGods token, was unlawfully sold in May 2023 after the original holder became a victim of a phishing scam, losing access to their digital assets.
ZachXBT, known for his pseudonymous on-chain research, shared the outcome of his extensive investigation in a recent post to his substantial following of 505,200 individuals. He disclosed that the stolen NFT, identified as DeGods #3251, had been sold for 99 Ether (ETH), equivalent to approximately $177,000 at the time of the transaction.
In May 2023 the rank 1 DeGods NFT was stolen from a victim after visiting a phishing site and sold for $177K (99 ETH).
I am pleased to share I was able to help recover a decent chunk of the stolen funds which have now been returned back to the victim.
While recovery can be a… pic.twitter.com/rBNB2Sjfin
— ZachXBT (@zachxbt) February 24, 2024
Expressing satisfaction with the recovery efforts, ZachXBT stated, “I am pleased to share that I was able to help recover a decent chunk of the stolen funds, which have now been returned to the victim.” The success of the retrieval underscores the efficacy of ZachXBT’s methodology, which often involves using straightforward diagrams to elucidate the intricacies of phishing scams and track the movement of funds, even when routed through crypto mixers.
The duration of ZachXBT’s investigations can vary depending on the complexity of the case at hand. However, he remains committed to his pro bono work, emphasizing that while recovery efforts may be time-consuming, they yield tangible results. Nevertheless, ZachXBT announced his intention to conclude his public investigation work in the near future, citing frustrations from users who expected assistance with their own cases despite his explicit focus on assisting victims free of charge.
ZachXBT’s contributions extend beyond individual cases, as he has also assisted national authorities in combating crypto-related crimes. In a notable instance from October 2022, French law enforcement utilized ZachXBT’s research to apprehend perpetrators involved in the theft of $2.5 million worth of NFTs. Christophe Durand, deputy chief of France’s national cyber unit, acknowledged ZachXBT’s role in uncovering crucial insights that aided their investigation.
In summary, ZachXBT’s successful recovery of stolen NFT proceeds exemplifies the importance of diligent investigation and collaboration within the crypto community to mitigate the impact of fraudulent activities.
