Scam Alert: $282 Million in Bitcoin and Litecoin Lost

Cover image via U.Today Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available. Read U.TODAY on Google News A massive crypto theft has occurred, resulting in the loss of $282 million in both Litecoin (LTC) and Bitcoin (BTC). The theft was carried out via a hardware-wallet social engineering scam. Lookonchain reported the scam in a post on X. Advertisement Monero price spikes after stolen BTC and LTC swaps According to Lookonchain, after the stealing took place, the attacker converted the Bitcoin and Litecoin into Monero (XMR). Notably, Monero is a privacy-focused coin that is much harder to trace compared to other crypto assets. Given the attacker’s large swap of the BTC and LTC to Monero, this triggered a massive spike in the price of XMR. It caused Monero to jump from a low of $612.02 to a daily peak of $717.69 after the attack. However, as of this writing, Monero is changing hands at $623.05, which represents an 11.41% decline in the last 24 hours. According to @zachxbt , a victim lost over $282M worth of $LTC and $BTC in a hardware-wallet social engineering scam. The attacker swapped part of the $LTC and $BTC into $XMR , triggering a sharp spike in $XMR 's price. The attacker also used #THORChain to swap 818 $BTC ($78M) into… pic.twitter.com/7PExjntkbT — Lookonchain (@lookonchain) January 17, 2026 The trading volume has also fallen by 29.99% to $255.75 million. This crash came as massive fear of suspected cashing out filtered into the Monero community. There were fears that the attacker would also dump Monero for other assets. The development created panic and sell pressure in the ecosystem, hence the 11.41% decline in price. Meanwhile, the attacker also used THORChain to swap assets cross-chain. The attacker took advantage of the decentralized cross-chain protocol that allows swaps between blockchains without using a centralized exchange. The hacker’s use of THORChain also emphasizes how DEX can be used to rapidly move stolen funds within the crypto ecosystem. It also shows the challenges associated with tracking and recovering stolen crypto assets when they are moved using privacy coins. The attacker might be a skilled crypto thief who is experienced in laundering assets and redistributing funds within the ecosystem. You Might Also Like Sun, 01/11/2026 - 19:36 Will Monero Be Next Zcash? Top Trader Says It Has Best-Looking Chart By Alex Dovbnya Monero's growing appeal and market performance Meanwhile, given the privacy appeal of Monero, the coin was able to break into the top 15 assets in the crypto space. Monero currently occupies the 12th position in ranking with a market capitalization of $11.54 billion. The appeal and its market performance probably influenced legendary crypto trader Peter Brandt to make the purchase of Monero. As U.Today reported, Brandt revealed that he made enormous profit trading Monero . Despite the growing use of privacy coins like Monero, Zcash and Dash in crypto scams, proponents still believe they are the future of the Web3 ecosystem. #Scam Alert #Monero #Bitcoin