Mastermind behind $243 million BTC theft case suspected to be arrested in Dubai, on-chain tracking locks tens of millions in assets

2025-12-05 13:20:19

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[Crypto World] There’s a new development in last August’s case where $243 million in BTC was stolen from Genesis creditors—the suspected mastermind, Danny Zulfiqar, may have been caught in Dubai.

On-chain investigators traced an Ethereum address holding $18.58 million in crypto assets. The concentrated fund movement resembles typical law enforcement operations after a seizure. However, Dubai authorities have yet to officially confirm anything.

At its core, this was a social engineering attack. U.S. prosecutors are already on the case, linking it to a broader extortion investigation. If the arrest is confirmed, it marks a significant milestone in resolving the massive theft involving the Gemini platform—but the final verdict and how much stolen money can be recovered remain to be seen.

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DaoTherapy

· 12-06 07:28

$243 million was caught just like that; there really are no secrets on-chain. Recovering the stolen funds is what really matters; otherwise, what's the point of just catching people? Social engineering attacks really need to be addressed—too many people fall for them. The Dubai authorities are still playing dead at this point, waiting to see who talks first. Why is Gemini involved again? This platform is really something... Looks like you can’t escape even by going overseas—the blockchain remembers everything. After $18.58 million is frozen, the key question is how much the victims will actually get.

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Rugpull幸存者

· 12-05 13:47

Social engineering is the most dangerous; it's far scarier than technical vulnerabilities. Human nature will always be the biggest security loophole.

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ImpermanentPhilosopher

· 12-05 13:42

$243 million can even be moved to Dubai—this level of social engineering attack is truly incredible, even more ruthless than what we’ve lost.

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MiningDisasterSurvivor

· 12-05 13:37

$243 million just went down the drain—turns out Dubai isn’t a lawless land after all.

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TokenSleuth

· 12-05 13:34

Uh, can they really catch someone in Dubai? I doubt it... --- The flow of $18.58 million on-chain assets is really wild. If it was actually frozen by law enforcement, that would be awesome. --- You just can't guard against social engineering attacks like this. If it were me, I'd probably fall for it too. --- If this guy Danny really gets caught in Dubai, that would be a landmark moment in Web3 history. --- But I still don't really believe Dubai would cooperate with US law enforcement... there hasn't even been an official statement. --- $243 million solved by on-chain detectives just like that. The hacker's counter-surveillance ability is kinda weak. --- How much money can actually be recovered is the key, just catching people isn't enough.

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