Crypto Wallet Startup CEO Loses $125K in Phishing Scam Despite Touted Product's Purported Security Features
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Crypto wallet startup CEO Bill Lou loses $125k worth of stEth cryptocurrency when he tries to claim an airdrop from a fake website that was impersonating a legitimate site.
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Lou shared that he was "devastated" and "can't believe this is happening" after falling for the phishing scam site that was promoted in a now-removed Medium article.
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Although Lou claimed his company's product Nest Wallet would have prevented the scam, some ridiculed this statement and gave examples of why it would not necessarily have safeguarded him.
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The scam serves as a cautionary tale, as industry experts are not immune to crypto phishing attacks, which have been on the rise.
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Stories like Lou's raise security awareness about the need to be extremely careful when dealing with crypto websites and offers that appear too good to be true.