By Sagoh 
Security analysts at BitMEX Research have issued an urgent warning to early Bitcoin investors regarding a sophisticated and emerging scam targeting long-dormant cryptocurrency wallets, particularly those established around 2011. The fraudulent campaign leverages on-chain data manipulation and elaborate social engineering tactics to deceive unsuspecting holders into surrendering control of their assets or disclosing sensitive personal information.
According to findings shared by the research firm, the malicious scheme exploits long-dormant blockchain addresses by injecting false transactions and misleading messages directly into the ledger. Attackers achieve this by utilizing OP_Return outputs, which are an optional field within Bitcoin transactions specifically designed to carry arbitrary data. By embedding deceptive instructions into these fields, the perpetrators attempt to capture the attention of anyone monitoring historical blockchain addresses.
In one prominent and well-documented case highlighted by analysts, the scammers focused their efforts on the widely recognized "1Feex" wallet. This historical address holds approximately 80,000 Bitcoin, a massive cache believed to have been tied to the historic hacks of the defunct Mt. Gox exchange. Rather than attempting a direct technical exploit of the private keys, the attackers crafted an intricate psychological trap. They embedded an on-chain message directing anyone monitoring the address to a fraudulent website that brazenly impersonates Salomon Brothers, the prominent Wall Street firm that ceased independent operations decades ago.
Upon visiting the fraudulent portal, targeted individuals are confronted with a fabricated legal notice asserting that the multi-billion-dollar wallet is officially classified as "lost or abandoned." The site then prompts supposed owners or claimants to step forward and prove their rightful ownership. To substantiate their claims, victims are instructed to either sign an on-chain cryptographic message using their private key or submit extensive personal and financial documentation through an online contact form.
To add a veneer of authenticity, the notice introduces artificial urgency, warning that if no valid claim or response is received by October 5, the wallet will be permanently deemed abandoned under fictitious legal frameworks.
Exposing the Fabricated Legal Claims and Front Organizations
Following the emergence of the campaign, BitMEX Research conducted a deeper investigation into the infrastructure behind the fraudulent website, quickly uncovering numerous red flags. The analysis revealed that the website bears zero credible connection to the real Salomon Brothers or its historical leadership structure. While the fraudulent platform attempts to manufacture credibility by displaying a list of legitimate individuals who genuinely worked at the Wall Street firm during the 1980s, none of those former employees have any association with this newly surfaced and spurious entity.
Furthermore, industry observers have drawn parallels between this current campaign and earlier, controversial maneuvers surrounding the same Bitcoin address. Analysts noted that the approach mirrors past legal posturing previously financed by polarizing figures such as Calvin Ayre, who had previously bankrolled separate legal actions and inquiries involving the exact same "1Feex" wallet.
In their public advisory, BitMEX Research detailed the disconnect between the real historical figures and the fraudulent operation, stating that the links between the purported company and the website are entirely fabricated. The firm pointed specifically to the advisory board page displayed on the scam site, noting that while the personnel listed are real former Wall Street professionals, they appear to have no knowledge of or link to the spurious enterprise.
Cryptocurrency community members have also weighed in heavily on the mechanics of the scam, pointing out glaring operational flaws that expose the malicious intent behind the notices. Experienced blockchain participants noted that a legitimate wallet owner wishing to demonstrate activity or control over a dormant address would simply need to move a negligible amount of Bitcoin to a fresh address. There would never be any requirement to interact with an external third-party web form, surrender private keys, or upload sensitive personal identification documents to a private portal.
The Broader Threat of Social Engineering and Rising Crypto Fraud
Security experts believe this campaign is not an isolated technical attack, but rather part of a broader, increasingly sophisticated wave of social engineering schemes designed to exploit human psychology rather than software vulnerabilities. By wrapping their operations in official-sounding legal jargon, fake advisory boards, and strict deadlines, the scammers aim to bypass the natural skepticism of long-term investors.
BitMEX has strongly cautioned all users and historical holders against interacting with the suspicious contact forms, clicking unverified links, or providing any personal or cryptographic details. Engaging with these malicious interfaces risks exposing private keys or handing over personally identifiable information that could be weaponized in subsequent identity theft or targeted extortion schemes.
The appearance of this complex lost wallet campaign underscores a troubling trend across the broader digital asset ecosystem, where the sophistication and financial scale of crypto-related fraud continue to escalate. According to recent industry data tracking illicit activities, the first half of the year witnessed an alarming surge in malicious acts. Hackers and fraudulent entities managed to steal more than $2.1 billion across 75 separate security incidents, representing a significant 10% increase compared to the losses recorded during the exact same period in the previous year.
As digital assets continue to mature and historical holdings appreciate significantly in value, security researchers emphasize that early adopters and institutional holders alike must remain vigilant against increasingly elaborate vectors of cybercrime.
Asro 
Layla Zulfa 
Muslim