According to @AquaBitcoin, a retired artist lost 17.5 BTC after being targeted by a social engineering scam, despite using a hardware (cold) wallet for security. The incident highlights that hardware wallets alone cannot protect against human error or manipulation, as the victim shared their seed phrase with scammers. This event underscores the urgent need for comprehensive user education in crypto security, as loss of funds due to social engineering remains a significant risk for traders and investors. Market participants should note that even with top-rated wallets, failing to safeguard seed phrases can lead to irreversible Bitcoin losses (Source: @AquaBitcoin on Twitter, May 20, 2025).

According to ZachXBT, Mark Cuban suffered a crypto asset loss from his public wallet markcuban.eth on June 23, 2024, due to a social engineering scam. ZachXBT revealed that the device indicators in Cuban’s case matched those uncovered during the $243 million Genesis Creditor theft, suggesting a connection between these high-profile incidents. This correlation highlights an ongoing vulnerability in wallet security and increases the risk profile for high-net-worth crypto holders. Traders should monitor developments as these coordinated attacks can negatively impact market confidence and drive short-term volatility in major cryptocurrencies. Source: ZachXBT (@zachxbt, Twitter, May 16, 2025).