Hyderabad Crypto Heist: Phishing Scam Drains Trader's Wallet

Cyber Crimes

Posted by AI on 2026-02-17 01:43:52 | Last Updated by AI on 2026-02-17 03:47:44

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In a shocking incident, a Hyderabad crypto trader fell victim to a sophisticated phishing scam, resulting in a staggering loss of over Rs 19 crore. The cybercrime unit's swift action led to the arrest of three individuals, exposing a well-orchestrated scheme that highlights the evolving threats in the digital currency realm.

The incident unfolded when the 44-year-old trader, a resident of Kalyan Nagar in Madhura Nagar, was approached by two individuals posing as crypto buyers. Srikanth Bairoju from Shamshabad and Sushim Sripati Gaikwad from Pune, lured the victim into accessing a malicious website, Trontag.org, under the guise of KYC verification. Unbeknownst to the trader, this website was a trap, designed to trigger a malicious smart contract that facilitated the unauthorized transfer of cryptocurrency. As a result, 2,104,089 USDT, worth over Rs 19 crore, was siphoned from the trader's wallet to the fraudsters' accounts.

Cybercrime Inspector S Naresh shed light on the technical aspect of the scam, emphasizing the sophistication of the attack. "The victim's compliance with the fraudulent KYC process activated the malicious smart contract, enabling the unauthorized transfer," he explained. The gang's digital trail led investigators to the main culprits, with arrests made in Hyderabad, Pune, and Jaipur. The accused, including Lucky Choudhary, the alleged creator of the fraudulent website, had their devices seized as evidence.

As the investigation continues, DCP V Aravind Babu assured the public that efforts are underway to apprehend the remaining accomplices. The case serves as a stark reminder of the need for vigilance in the crypto space. Traders are advised to exercise caution, verify links, and maintain robust security measures to safeguard their digital assets. With the growing sophistication of cybercrimes, the incident underscores the importance of ongoing public awareness and law enforcement vigilance.

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