New ‘Lost Wallet’ Scam Targets Early Bitcoin Holders Using Fake Legal Notices and Dormant Addresses

Analysts at BitMEX Research have raised the alarm regarding a sophisticated new scam targeting early Bitcoin holders, particularly those who control wallets dating back to the cryptocurrency’s early days in 2011. The campaign leverages clever on-chain manipulation to trick dormant account holders into interacting with fraudulent web portals under the guise of urgent legal requirements.

According to the research firm, the malicious actors behind this scheme appear to exploit long-dormant addresses by injecting false transactions and misleading text messages directly onto the blockchain. These messages are embedded via OP_Return outputs, which serve as an optional field within Bitcoin transactions capable of carrying arbitrary data. By utilizing this method, the attackers can ensure that anyone monitoring these old addresses or running a block explorer sees the custom notification directly tied to their transaction history.

In one of the most prominent documented cases of this campaign, the scammers targeted the well-known "1Feex" wallet. This particular address holds approximately 80,000 Bitcoin, which are widely believed to have been stolen during the infamous 2011 hack of the Mt. Gox exchange. The attackers crafted a specific on-chain message linked to this address that directs potential victims toward a fraudulent website meticulously designed to impersonate the defunct Wall Street firm Salomon Brothers.

Upon visiting the fraudulent web portal, users are greeted with a fabricated legal notice asserting that the targeted wallet is legally considered "lost or abandoned." The site then invites supposed owners to prove their ownership claims by signing an on-chain message using their private key or by submitting sensitive personal documentation through an embedded web contact form. To create a false sense of urgency, the notice explicitly states that if no formal response or claim is received by October 5, the wallet will be permanently deemed legally abandoned.

Fake Legal Claims and Fabricated Advisory Boards

BitMEX researchers warned that the fraudulent website shows no credible operational or historical link to the real Salomon Brothers or its former leadership team. A closer inspection of the site reveals a page dedicated to an "advisory board" listing real individuals who actually worked at Salomon Brothers during the 1980s. However, investigators confirmed that these former Wall Street executives have no association whatsoever with this new and spurious entity.

The research platform noted that this deceptive approach bears strong similarities to an earlier scam linked to controversial figures like Calvin Ayre, who previously funded legal action and public attention involving the exact same Bitcoin address. By weaponizing the notoriety of historical whale wallets like 1Feex, the scammers attempt to lend an air of legitimacy to an otherwise transparently fraudulent operation.

BitMEX Research detailed the deception in a public statement, emphasizing the disconnect between the website’s claims and reality: "The links between this company and this website are fake. There is a page with an ‘advisory board’ that contains real people who worked at Salomon Brothers in the 1980s, however, these people seem to have no link to this new spurious entity."

Community members and blockchain sleuths have also weighed in on the mechanics of the scheme. Industry observers noted that legitimate wallet owners wishing to prove activity or ownership would typically move a small, insignificant amount of Bitcoin to establish control rather than transferring a full balance or filling out external web forms.

This observation has led many security analysts to suspect that the campaign is merely a component of a broader social engineering scam effort. The ultimate objective appears to be gathering sensitive personal information, private keys, or authentication data under a fabricated legal pretext rather than securing any legitimate right to the dormant funds. BitMEX strongly emphasized that users and holders should under no circumstances interact with the provided contact form, click suspicious links, or disclose personal details.

The Rising Tide of Crypto Fraud and Social Engineering

The emergence of these inventive social engineering vectors illustrates the growing complexity and scale of modern cryptocurrency-related fraud. As blockchain analysis tools become more sophisticated, malicious actors continually adapt their tactics, moving beyond simple phishing emails and compromised browser extensions to manipulate on-chain data fields directly.

This campaign unfolds against a backdrop of escalating financial losses across the digital asset ecosystem. In the first half of 2025 alone, hackers and cybercriminal syndicates successfully stole over $2.1 billion across 75 separate security incidents. This figure represents a notable 10% increase in total stolen funds compared to the same period in 2024, driven in large part by state-backed hacking groups and increasingly targeted social engineering attacks aimed at high-net-worth individuals, institutional holders, and early cryptocurrency adopters who may be less vigilant about emerging on-chain threats.