Blockchain Analyst ZachXBT Uncovers Indian Scam Ring: 5.73 BTC Frozen on Changelly, Suspects File Police Report

According to blockchain analyst ZachXBT, in March 2025, a user's 5.73 BTC (approximately $475,000) was frozen on Changelly. On-chain analysis traced the funds to multiple social engineering attacks and Bitcoin ATM thefts targeting U.S. users, with total losses exceeding $1 million and several elderly victims affected. The account holder provided conflicting explanations for the fund sources, including loans, employer transfers, and 2014–2015 investments, with inconsistencies in supporting documents.

More notably, the user filed a police report in India in December 2025 (case number 3207-P/2025) to recover the frozen funds. Subsequent on-chain forensics and email analysis suggest the individual may be a money mule, with discrepancies between bank documents and identity information. ZachXBT warned that such cases highlight ongoing social engineering and cross-border fund transfers, advising users to avoid interaction with suspicious sources to prevent compliance freezes and legal exposure.