UK victims lose $650K to fake Bybit demo accounts in ‘Ape 31’ crypto hack, with blockchain specialist ZachXBT investigating.
In recent months, the UK has experienced a significant crypto hack affecting over 250 individuals, with hackers stealing approximately $650,000.
The scheme involved fake Bybit demo accounts designed to lure unsuspecting victims with promises of easy profits.
The perpetrator, dubbed “Ape 31,” is continually changing the deposit addresses, complicating efforts to track the stolen funds.
250 UK Victims Fall for Fake Bybit Demo Account
Blockchain expert ZachXBT has revealed details about the crypto hack by examining 16 exchange deposit addresses associated with the scam.
Over a year, these addresses received funds from over 250 victims, amassing about $650,000.
The victims were misled into believing they were trading through legitimate Bybit demo accounts, when in reality, it was a fraudulent scheme.
Another complicating factor in this crypto hack is Ape 31’s frequent alterations of the deposit addresses, making it challenging to assess the full extent of the operation.
ZachXBT suggests that the total amount stolen could be significantly higher, as the scammer has been taking measures to evade detection.
He has reported his findings to the police to help track Ape 31’s activities and prevent further damage.
In addition to the fake Bybit demo account scheme, Ape 31 attempted to conduct fraudulent over-the-counter (OTC) crypto trades.
The scammer lured a potential victim into a video call under the pretense of finalizing a legitimate business deal.
However, the call was recorded, and a clip was released to the public, leading other victims to identify the voice.
According to the blockchain expert, this recording is linked to Ape 31 and various other fraudulent attempts, including the initial hack.
Wider Crypto Hack Trends: BingX and Banana Gun Incidents
The Bybit demo account scam highlighted by the blockchain expert is part of a broader increase in crypto hacks within the industry.
Recently, the BingX exchange suffered a significant breach, resulting in over $43 million worth of stolen altcoins.
The hacker converted the stolen assets into Ethereum (ETH) and Binance Coin (BNB), complicating recovery efforts.
This breach is considered one of the largest hacks in recent months.
Similarly, the Banana Gun protocol experienced a hack that resulted in the theft of $3 million.
In a positive development, the Banana Gun team has pledged to refund all 11 affected victims using their treasury funds.
These incidents highlight the escalating threat of cryptocurrency hacks and scams targeting both centralized and decentralized platforms.
Data from Immunefi indicates that cryptocurrency-related hacks led to $409 million in losses during the third quarter of 2024 alone.
