On a balmy evening in 2023 on the east coast of Spain, Olivier Acuña sat at his computer to transfer his life savings to another cryptocurrency wallet, as he had done hundreds of times before.
“Sending crypto always induces anxiety,” Acuña shared, revealing the emotions attached to the process.
But that night, as soon as Acuña hit send, it was over: $400,000 worth of crypto—his entire savings—vanished, stolen by an unknown phishing scam.
Acuña, a veteran in the crypto industry, emphasized that no one is safe from these attacks. Before his foray into crypto, he spent decades as a journalist, risking his life while reporting on violent drug cartels in Mexico.
In the year 2023 alone, U.S. authorities received 69,000 reports of cryptocurrency theft, amounting to more than $5.6 billion.
Unlike traditional bank breaches where insurance covers losses, the decentralized nature of crypto means recovering lost funds can be nearly impossible. Acuña, who also dealt with government censorship and deception during his journalism career, became yet another statistic, falling prey to a scam he understood all too well.
The scam started innocently when, unable to access his funds on a Ledger hardware device, he sought help from customer support through social media. An impersonator quickly led him into their trap.
"Phishing scams remain incredibly prolific today," said Adrian Hetman from Immunefi, highlighting the growing concern of these tactics in the crypto space.
Acuña’s career began in the 1990s, exposing government corruption and crime, leading to serious legal risks including torture and false imprisonment by authorities.
“One day, I was thrown into a vehicle in the most violent manner you can imagine. They sent a police commander known for torturing people,” Acuña recounted.
In 2017, he shifted to crypto, taking roles in various companies, yet his experience taught him that the industry, despite its promise, is far from stable or secure.
"If we ever want mass adoption, this needs to be seamless,” he urged, recognizing the uphill battle ahead for mainstream acceptance of cryptocurrency.
