Renowned blockchain investigator ZachXBT has successfully retrieved most of the funds from the sale of a rare DeGods non-fungible token (NFT), which was stolen in May 2023 due to a phishing scam targeting the original owner.
In a recent disclosure on X, ZachXBT, acknowledged for his comprehensive work in crypto investigations, unveiled the results of his nine-month inquiry into the theft of DeGods #3251 NFT.
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
Sold for 99 Ether back in May 2023, equivalent to about $177,000 at the time, the pilfered NFT has now been reclaimed and returned to its rightful owner. ZachXBT expressed his satisfaction, stating, “I am pleased to share that I was able to help recover a decent chunk of the stolen funds which have now been returned back to the victim.”
ZachXBT’s retrieval process varies in duration, contingent upon the complexity of each case. Utilizing visual aids like diagrams, he elucidates the mechanics of phishing schemes and traces fund movements, even if laundered through crypto mixers. “While recovery can be a lengthy process, it does happen, and I am always happy to share these success stories,” ZachXBT remarked.
However, ZachXBT announced his intention to discontinue his pro bono work in blockchain investigations in response to growing criticism from some X users who anticipated assistance in recovering their stolen cryptocurrencies. Despite reiterating that his services are rendered free of charge, ZachXBT decided to halt his public goods work due to mounting criticism. “This is exactly why I am stopping all public goods work soon,” he declared.
Despite the decision to cease public goods work, ZachXBT remains active in uncovering crypto scams. Notably, French authorities previously relied on his research to apprehend fraudsters involved in a $2.5 million NFT theft. More recently, ZachXBT investigated concerning behavior related to influencer Crypto Rover, revealing instances of misleading followers and participation in pump and dump schemes with meme coins.
1/ An investigation into how the influencer Crypto Rover ghosted a project he was paid to promote, mislead followers about his trading positions, and also his shills for pump and dump meme coins. pic.twitter.com/s4fDQubYwu
— ZachXBT (@zachxbt) February 20, 2024
Additionally, he flagged YouTube star KSI for alleged involvement in pump and dump scams, citing suspicious trading patterns following token endorsements.
Remember when KSI posted
“All of a sudden, my $XCAD bag is looking juicy again. #HodlGang”
Then proceeded to dump $850,000 worth of XCAD over the following days from his wallet address. https://t.co/qAEIRYGTMd pic.twitter.com/Gn6LMybQia
— ZachXBT (@zachxbt) February 13, 2024
