Ex-Animoca exec loses life savings in Zoom hack tied to Lazarus
Ex-Animoca exec had his crypto wallets drained after downloading a fake Zoom update during a phishing attack linked to North Korean hacking group Lazarus.
Mehdi Farooq, an investment partner at Hypersphere and ex-Animoca Brands exec, revealed in a post on X on Thursday that he lost a large portion of his life savings in a Zoom hack linked to the North Korean hacking group Lazarus.
The scam began when Farooq received a Telegram message from Alex Lin, a professional acquaintance. Lin asked to catch up, and Farooq shared his Calendly link to schedule a call.
The next day, shortly before the meeting, Lin messaged again, asking to switch the call to Zoom Business “for compliance reasons,” explaining that one of his limited partners, Kent — whom Farooq also knew — would be joining.
The Zoom meeting appeared legitimate. Both participants had their cameras on, but there was no audio. In the Zoom chat, they said they were having technical issues and asked Farooq to update his Zoom client. Within minutes of installing the fake update, six of Farooq’s crypto wallets were drained.
It was only afterward that Farooq realized Lin’s account had been hacked. The scheme was later linked to Lazarus, a North Korean state-sponsored hacking group.
“It was surreal and completely violating. But in the darkest moment, whitehat hackers stepped up — complete strangers offering help when I was at my lowest. Turns out I was compromised by DPRK affiliated threat know as dangrouspassword,” wrote Farooq.
This incident echoes a recent phishing attempt targeting Manta Network co-founder Kenny Li, who narrowly avoided a similar fate. Li recounted that the attackers impersonated known contacts during a Zoom call, used fake video feeds, and insisted on a suspicious Zoom update download. Suspecting foul play, Li suggested switching communication platforms, prompting the attackers to block him and erase messages.
Security analysts say that this attack vector — where hackers pose as trusted contacts, fake technical glitches, and push malware disguised as Zoom updates — is a hallmark of Lazarus operations and has been used repeatedly to steal millions in crypto.
Other crypto industry leaders, including founders from Mon Protocol , Stably , and Devdock AI , have reported similar phishing attempts, highlighting how widespread and targeted these attacks have become.
Nick Bax from the Security Alliance broke down this scam in a March 11 X post .
Having audio issues on your Zoom call? That's not a VC, it's North Korean hackers. Fortunately, this founder realized what was going on. The call starts with a few "VCs" on the call. They send messages in the chat saying they can't hear your audio, or suggesting there's an… pic.twitter.com/ZnW8Mtof4F
Diverging Paths For Bitcoin And Ethereum ETF
Away from the spotlight, a massive influx is redrawing the map of crypto investment in the United States. In eight days, spot Bitcoin ETFs have attracted $2.4 billion, despite a lackluster market. This sustained flow contrasts with the prevailing caution and reveals the growing anchoring of Bitcoin in institutional portfolios. Meanwhile, Ethereum, long in a catch-up phase, shows signs of fatigue. Such divergence raises questions about market priorities and future strategies in the digital asset universe.
The US spot ETFs are recording a continuous bullish streak for eight days while the Bitcoin price is relatively stable, around $104,283 this Friday, down 2.5 % for the week.
During this period, net inflows reached $2.4 billion, including $389.5 million on Wednesday alone. This trend does not reflect market euphoria but rather a strategic consolidation by institutional investors.
As Nate Geraci, president of The ETF Store, points out on X : “eight consecutive days of inflows into spot Bitcoin ETFs. The category has now garnered nearly $11.5 billion in 2025. This is the second year, and still this idea that there would be ‘no demand'”.
Detailed flow figures confirm a strong concentration among asset management giants :
These figures demonstrate an accelerated integration of Bitcoin into institutional portfolios, regardless of short-term volatility. The growing success of these products also highlights a structural evolution in crypto demand, now considered full-fledged instruments for strategic diversification.
The contrast is striking on the side of Ethereum. After a record 19-day streak during which its spot ETFs accumulated $1.4 billion in net inflows, the pace suddenly slowed. On Wednesday, Ethereum ETFs attracted only $19.1 million, of which $15.1 million was allocated to BlackRock’s ETHA fund alone.
Since their launch in July 2024, these products have nonetheless accumulated $3.9 billion in inflows, but the recent slowdown is concerning. “Data indicates that institutions remain confident about the medium-term bullish potential of cryptos, but Ethereum’s catch-up phase seems over,” estimates Valentin Fournier, senior analyst at BRN.
Unlike Bitcoin, the trajectory of Ethereum ETFs appears more vulnerable to macroeconomic uncertainties. The heavy geopolitical context, combined with the Fed’s restrictive stance, seems to have dampened investor enthusiasm.
The FOMC kept rates unchanged on Wednesday but adopted a firm tone, according to Fournier, which heightens market caution. In this climate, Ethereum lost 8.3% in a week to settle at $2,527, compared to a more moderate 2.5% drop for Bitcoin. This difference in resilience could partly explain the disparity in flows.
In the short term, this Ethereum momentum decline could affect the asset’s perception as an institutional investment vehicle. Without a clear catalyst on the horizon, whether major technical updates or strengthened industrial uses, ETH could suffer from being viewed as less defensive than BTC. However, Ethereum continues to surprise the market, as over 35.35 million ETH are now staked .