{"id":12170,"date":"2025-10-27T20:15:09","date_gmt":"2025-10-27T20:15:09","guid":{"rendered":"https:\/\/cryptonewsdesk.com\/?p=12170"},"modified":"2025-10-27T20:15:14","modified_gmt":"2025-10-27T20:15:14","slug":"victims-of-crypto-hacks-are-being-scammed-twice-warns-circuit-ceo","status":"publish","type":"post","link":"https:\/\/cryptonewsdesk.com\/index.php\/2025\/10\/27\/victims-of-crypto-hacks-are-being-scammed-twice-warns-circuit-ceo\/","title":{"rendered":"Victims of Crypto Hacks Are Being Scammed Twice, Warns Circuit CEO"},"content":{"rendered":"\n

As crypto adoption continues to grow, so too does the number of users falling victim to hacks and scams and, according to Harry Donnelly<\/strong>, CEO of crypto security firm Circuit<\/strong>, many of those victims are being exploited a second time<\/strong> by fake \u201crecovery\u201d companies promising to retrieve stolen funds.<\/p>\n\n\n\n

\u201cMost recovery efforts are futile,\u201d Donnelly told crypto.news<\/em>. \u201cIn fact, around 95% of so-called recovery firms are predatory<\/strong> they charge large upfront fees, deliver nothing of value, and prey on desperation.\u201d<\/p>\n\n\n\n

The warning comes as global crypto losses to hacks have already exceeded $3 billion this year<\/strong>, highlighting the persistent challenges of asset security despite advances in blockchain infrastructure.<\/p>\n\n\n\n

When the \u201cCold Wallet\u201d Isn\u2019t So Cold<\/h3>\n\n\n\n

The issue hit headlines again recently after a U.S. retiree lost $3 million worth of XRP<\/strong>, unknowingly compromising their cold wallet. The funds were stolen and laundered through roughly 120 transactions, according to on-chain investigator ZachXBT<\/strong>.<\/p>\n\n\n\n

Donnelly explained that in this case, the victim had imported their hardware wallet\u2019s seed phrase onto an internet-connected laptop effectively defeating the purpose of cold storage<\/strong>.<\/p>\n\n\n\n

\u201cOnce the seed phrase exists on an online device, it\u2019s no longer secure,\u201d Donnelly said. \u201cMalware can easily scan the system and extract those keys.\u201d<\/p>\n\n\n\n

The Dark Side of \u201cCrypto Recovery\u201d<\/h3>\n\n\n\n

After such losses, victims often turn to online recovery services and that\u2019s where things get worse.<\/p>\n\n\n\n

\u201cWhen people are desperate, bad actors step in,\u201d Donnelly said. \u201cThey SEO-optimize their pages so they appear first when someone searches \u2018recover stolen crypto.\u2019 But in reality, they do nothing.\u201d<\/p>\n\n\n\n

Legitimate recovery is extremely difficult in crypto because blockchain assets are bearer instruments<\/strong> whoever controls the private key owns the funds. There\u2019s no central authority to reverse a transaction.<\/p>\n\n\n\n

Genuine recovery attempts usually involve legal teams and forensic experts<\/strong> using tools like Chainalysis<\/strong> or TRM Labs<\/strong> to trace funds and coordinate with exchanges to freeze stolen assets. But that only works if the funds end up in cooperative jurisdictions<\/strong> or KYC-compliant exchanges<\/strong> a rarity in practice.<\/p>\n\n\n\n

\u201cLess than 5% of stolen funds<\/strong> were recovered last year,\u201d Donnelly noted. \u201cMeanwhile, fake firms charge victims thousands of dollars for worthless reports some even tell people to email Tornado Cash, which is absurd.\u201d<\/p>\n\n\n\n

Prevention Is the Only Real Protection<\/h3>\n\n\n\n

Given the grim recovery odds, Donnelly emphasizes that prevention is the only reliable defense<\/strong>.<\/p>\n\n\n\n

Circuit\u2019s own security model focuses on stopping theft before it happens, using what the company calls automatic asset extraction<\/strong> a system that pre-creates encrypted backup transactions<\/strong> that can only be triggered by the legitimate user if a compromise is detected.<\/p>\n\n\n\n

\n

\u201cWe don\u2019t just protect the private key we protect the assets directly,\u201d Donnelly said.
\u201cIf an attack occurs, the user can hit the \u2018red button\u2019 to move funds instantly to a pre-defined backup wallet.\u201d<\/p>\n<\/blockquote>\n\n\n\n

Currently, Circuit serves only institutions and exchanges<\/strong>, including partners like Shift Markets<\/strong>, which manages 150 platforms globally. For these clients, the technology reduces downtime and prevents catastrophic losses from compromised wallets or lost access devices.<\/p>\n\n\n\n

Major insurers are already recognizing the benefit. \u201cAdding Circuit\u2019s technology lowers risk profiles, making crypto insurance more accessible,\u201d Donnelly said.<\/p>\n\n\n\n

Institutions Lead, But Risks Evolve<\/h3>\n\n\n\n

While large institutions are adopting more robust safeguards, attackers continue to evolve. Donnelly compared the crypto security landscape to the ongoing \u201ccat-and-mouse\u201d dynamics of traditional cybersecurity.<\/p>\n\n\n\n

The industry has progressed from multisig wallets<\/strong> to MPC (multi-party computation)<\/strong> systems, policy engines<\/strong> that block unauthorized transfers, and real-time detection tools<\/strong>. But even with these improvements, human response times remain too slow for modern hacks.<\/p>\n\n\n\n

\u201cAttacks like the SwissBorg\/Kiln hack<\/strong> wiped out $41 million in under three minutes,\u201d Donnelly said. \u201cHumans can\u2019t respond that fast automation and preemptive systems are essential.\u201d<\/p>\n\n\n\n

The Debate Over Freezing and Centralization<\/h3>\n\n\n\n

One of the more controversial topics in crypto security is whether DeFi protocols<\/strong> should have the ability to freeze wallets or pause contracts during attacks.<\/p>\n\n\n\n

Donnelly believes that controlled safeguards are necessary:<\/p>\n\n\n\n

\n

\u201cIf pausing a smart contract for a few hours prevents hundreds of millions in losses, you should do it. Decentralization won\u2019t matter if people keep losing their money.\u201d<\/p>\n<\/blockquote>\n\n\n\n

He added that properly designed smart contracts can hard-code emergency parameters<\/strong> without granting total discretionary control. \u201cTransparency is key. You can define exactly when and why a pause occurs \u2014 and where funds go afterward,\u201d he explained.<\/p>\n\n\n\n

This kind of structure, he argues, will attract institutional capital<\/strong> to DeFi because it builds confidence through accountability. \u201cLiquidity follows safety,\u201d Donnelly said. \u201cThe biggest pools in the future will be those with built-in failsafes and insurance.\u201d<\/p>\n\n\n\n

The Future: Real Crypto Insurance<\/h3>\n\n\n\n

Looking ahead, Donnelly sees insurance<\/strong> as the next frontier for crypto maturity.<\/p>\n\n\n\n

\u201cTraditional insurers have billions in reserves and deep experience pricing risk,\u201d he said. \u201cIf we can give them the data and tools to understand crypto threats, we unlock massive capital inflows into the ecosystem.\u201d<\/p>\n\n\n\n

For Donnelly, it\u2019s simple: \u201cIf we want real institutions and banks in DeFi, we need real insurance. Once that happens, everything else liquidity, adoption, and user trust will follow.\u201d<\/p>\n\n\n\n

The Bottom Line<\/h3>\n\n\n\n

Crypto\u2019s greatest vulnerability isn\u2019t its technology it\u2019s human error and misplaced trust. As Donnelly put it, \u201cRecovery is rare. Prevention is everything.\u201d<\/strong><\/p>\n\n\n\n

Until the industry prioritizes proactive defense and credible insurance over after-the-fact fixes, victims will continue to be scammed twice<\/strong> first by hackers, then by those claiming to help them.<\/p>\n","protected":false},"excerpt":{"rendered":"

As crypto adoption continues to grow, so too does the number of users falling victim to hacks and scams and, according to Harry Donnelly, CEO of crypto security firm Circuit, many of those victims are being exploited a second time by fake \u201crecovery\u201d companies promising to retrieve stolen funds. \u201cMost recovery efforts are futile,\u201d Donnelly…<\/p>\n","protected":false},"author":3,"featured_media":12173,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[63,70],"tags":[1801,65,1476],"class_list":["post-12170","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-finance","tag-circuit","tag-crypto","tag-crypto-hacks"],"yoast_head":"\nVictims of Crypto Hacks Are Being Scammed Twice, Warns Circuit CEO - Crypto News<\/title>\n<meta name=\"description\" content=\"Circuit CEO Harry Donnelly warns that 95% of crypto recovery firms are predatory and offer no real help to hack victims. 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