In 2 Seconds, A Crypto Trader Loses $6,50,000 Explains How It Happened

After hackers accessed his iCloud account, a crypto trader disclosed that he lost a huge $6,50,000 (Rs 4.97 crore). And that only took two seconds.
Domenic Lacovone, Crypto Trader, exposed the scam on Twitter. He claimed it all started with a phone call he mistook for one from Apple.

Crypto Trader Lacovone assumed it was a hoax and ignored it

He chose to call them back because it turned out to be an Apple number.

“This is how it happened, Got a phone call from apple, literally from apple (on my caller Id) Called it back because I suspected fraud and it was an apple number. So I believed them,” Lacovone said in a tweet.

“They asked for a code that was sent to my phone and 2 seconds later my entire MetaMask was wiped,” he added.

The Crypto Trader had a load of valuable cryptocurrencies and non-fungible tokens (NFTs) saved in digital wallet app MetaMask.

He had no idea that MetaMask automatically saves a 12-digit “seed phrase” file to iCloud from his iPhone. The crooks swiped Lacovone’s iCloud account as soon as they had access to it.

The seed phrase is required to access the crypto wallet and should not be shared.

Lacovone has appealed to the online community for assistance, even offering a $100,000 reward to anyone who can assist him in recovering the funds.

“Don’t tell us we shouldn’t keep our seed phrase online, then do it behind our backs.” “I bet none of them would have the app or iCloud on if 90% of the people knew,” he was reported as saying.

He has also been targeting MetaMask, asking users to “expose” the company.

While MetaMask has not yet commented on the issue, it did tweet out some advise to users in the midst of the uproar.

Users’ password-encrypted MetaMask vault will be included in iCloud backups, according to the tweet, and it may be removed by disabling iCloud backups.

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