The cryptocurrency space is no stranger to high-profile losses, with the latest victim being THORChain co-founder JP, who lost $1.35 million from a personal wallet in a Telegram phishing scam linked to North Korea. This incident adds to a string of recent losses in the crypto industry, including billionaire heiress Taylor Thomson losing over $80 million in crypto and another investor losing $3.05 million after falling for a malicious transaction.
Blockchain investigator ZachXBT confirmed the theft, revealing that JP’s wallet was drained after he clicked on a fake meeting link shared through Telegram. The stolen funds were tied to an old MetaMask account that JP had forgotten about, containing staked assets that were not visible on Etherscan. The scam involved a hacked Telegram account, a deepfake Zoom call, and possibly a zero-day exploit.
In an effort to recover the stolen funds, JP reached out to the exploiter’s wallet with a message offering a bounty if the THOR tokens were returned within 72 hours. He emphasized the importance of securing private keys and avoiding storing them on services like iCloud or Google Drive. JP also recommended using two-factor authentication on a separate device to enhance security.
The incident highlights the growing threat of Telegram scams in the crypto space, with over $2.2 billion lost to hacks and scams in 2025. Malware attacks have surpassed traditional phishing methods, with attackers using fake verification bots in trading groups to steal passwords, private keys, and wallet data. The United Nations estimates that scams on Telegram generate over $36.5 billion annually, often involving USDT.
To combat these scams, Telegram has shut down several platforms linked to illicit activities, but criminals quickly migrate to successor platforms to continue their operations. Deepfake tools and malware are also promoted on these platforms, with the U.S. Treasury linking illicit crypto flows to groups like North Korea’s Lazarus Group.
Overall, the THORChain co-founder’s loss serves as a cautionary tale for crypto investors to remain vigilant against scams and secure their assets with advanced security measures like threshold signature wallets. As the crypto landscape evolves, staying one step ahead of cyber threats is crucial to safeguarding investments in this rapidly growing industry.