By Jia Lissa 
Analysts at BitMEX Research have raised a major security alarm regarding an increasingly sophisticated cryptocurrency scam targeting early Bitcoin holders, with a specific focus on long-dormant wallets dating back to the network’s early days in 2011. The fraudulent campaign leverages on-chain data manipulation paired with high-pressure social engineering tactics, falsely declaring historic cryptocurrency holdings as abandoned property under the guise of legitimate legal oversight.
According to the intelligence report shared by BitMEX Research, the malicious actors behind this scheme are exploiting long-dormant blockchain addresses by injecting deceptive transactions and misleading text messages directly into the ledger. This is accomplished using OP_Return outputs, which are an optional field within Bitcoin transactions specifically designed to carry arbitrary data blocks. By embedding fraudulent messages directly into the transaction history of these ancient wallets, the attackers hope to capture the attention of asset owners or individuals monitoring historical crypto holdings.
In one of the most prominent documented cases uncovered by researchers, the scammers targeted the widely known and heavily tracked "1Feex" wallet. This particular address holds approximately 80,000 Bitcoin, a massive fortune that is widely believed by blockchain sleuths and exchange monitors to have been stolen during the catastrophic 2011 hack of the now-defunct Mt. Gox cryptocurrency exchange. Rather than attempting a direct technological exploit of the wallet’s keys, the attackers crafted an intricate psychological trap. They manipulated the transaction history to link victims directly to a fraudulent, lookalike website that brazenly impersonates Salomon Brothers, a legendary and historically significant Wall Street investment banking firm that ceased independent operations decades ago.
Fake Legal Claims and Fabricated Advisory Boards
Upon visiting the deceptive website, unsuspecting targets are met with an official-looking legal notice. The platform boldly claims that the specific Bitcoin wallet in question has been classified as "lost or abandoned" under arbitrary regulatory statutes. To heighten the illusion of legitimacy, the fake portal invites supposed rightful owners to step forward and prove their claim.
The instructions on the fraudulent site demand that victims either sign an on-chain cryptographic message using their private keys—which could potentially expose them to total asset theft—or submit sensitive personal documentation through a web-based contact form. To induce panic and force a hasty decision, the notice includes an aggressive deadline, warning that if no ownership claim is properly registered and verified by October 5, the wallet will be permanently deemed legally abandoned and seized by the phantom entity.
BitMEX Research thoroughly investigated the claims made on the platform and quickly confirmed that the website shows no credible operational or legal link to the real Salomon Brothers or its historic leadership structure. While the scammers attempted to build superficial credibility by publishing a list of real, verified individuals who genuinely worked at the prestigious financial firm during the 1980s, an examination revealed that none of these former Wall Street executives have any association whatsoever with this spurious new entity.
Security researchers noted that this deceptive strategy bears strong thematic similarities to earlier, controversial campaigns. Observers pointed out parallels to past legal initiatives funded by figures such as Calvin Ayre, who previously bankrolled high-profile legal actions involving the exact same "1Feex" Bitcoin address, though this new incarnation relies entirely on outright impersonation and psychological pressure rather than actual judicial proceedings.
In an official public statement regarding the operation, BitMEX Research cautioned the crypto community about the deceptive nature of the portal, noting that the fabricated connections are designed solely to deceive naive holders or trustees managing old assets. The research firm stated that the links between the shell company and the website are entirely fake, pointing out the inclusion of the advisory board featuring real 1980s Salomon Brothers alumni who have no knowledge of or connection to the spurious operation.
Broader Implications and Rising Crypto Fraud
The cryptocurrency community has quickly mobilized online to discuss the threat, with experienced developers and long-term participants weighing in on the mechanics of the scam. Many technical analysts have noted that a legitimate wallet owner attempting to prove active control of a dormant address would typically execute a minor, low-risk transaction—such as moving a negligible amount of Bitcoin to a fresh address—rather than interacting with a suspicious web form or transferring full balances based on an unsolicited on-chain message.
These discussions have led security experts to conclude that the campaign is not a technical exploit of the Bitcoin protocol itself, but rather a calculated social engineering scam. The primary objective appears to be gathering sensitive personally identifiable information or tricking careless holders into compromising their private keys under a fabricated legal pretext. Security teams have strongly reiterated that users must completely ignore these on-chain messages, avoid interacting with the fraudulent contact forms, and under no circumstances share private keys or personal documentation.
The emergence of these elaborate social engineering schemes highlights the rapidly escalating complexity and frequency of crypto-related fraud across the digital asset ecosystem. Malicious actors continue to innovate past traditional phishing techniques, adopting corporate masquerades and historical financial branding to trick asset holders into lowering their guard.
According to broader industry data tracking digital asset crime, the first half of the year has already witnessed staggering financial losses. Hackers and sophisticated cybercrime syndicates have stolen over $2.1 billion across 75 separate security incidents, marking a concerning 10% increase in total stolen funds compared to the exact same period in the previous year. As the total market capitalization of cryptocurrencies grows and early-era holdings appreciate to historic financial values, security analysts expect threat actors to continue targeting dormant wealth with increasingly elaborate and convincing ruses.
Asro 
Layla Zulfa 
Muslim