In a recent development that has sent shockwaves through the cryptocurrency community, a warning was issued on July 8 regarding an elaborate Bitcoin scam. The alert, coming from BitMEX Research, highlights a series of suspicious “dust” transactions aimed at older Bitcoin addresses—particularly those that house significant, untouched balances. Each transaction includes an OP_RETURN message directing recipients to a website that claims to assist with the recovery of these dormant funds.

Understanding the Scam

The website linked in the OP_RETURN string is presented under the guise of a reputable brand, “Salomon Brothers,” accompanied by a fictional advisory board comprising figures from the 1980s finance scene. It asserts it has gained “constructive possession” of these dormant wallets and gives individuals a 90-day period to prove ownership. This claim can be validated by either signing a new on-chain transaction or submitting sensitive personal information through an online form.

BitMEX Research has characterized this situation as a “Calvin Ayre-style legal scam,” drawing parallels to previous attempts by certain individuals to stake claims on the infamous Mt. Gox coins through convoluted legal arguments. Experts in the field support this assessment; cybersecurity analyst @0xZilayo has identified the OP_RETURN messages as blatant phishing attempts lacking any legitimacy.

The timing of this scam coincides suspiciously with a widespread on-chain activity that occurred on July 4—an Independence Day in the U.S. marked by unusual Bitcoin transactions. During this period, 80,000 BTC were moved from several old wallets almost simultaneously, after each had received the deceptive OP_RETURN notices.

Experts theorize that the scammers are taking advantage of the OP_RETURN opcode’s capabilities, allowing them to embed messages onto the blockchain at minimal cost. This ensures that any potential wallet owners—or even people casually monitoring the chain—come across their fraudulent notice.

BitMEX has been straightforward with its guidance: “Do NOT engage with this form.” Those who receive these notices can securely prove their ownership by transferring their funds to a new wallet. For anyone lacking the private key, participating in this scam would only result in loss—there’s no gain to be had.

This incident shines a light on a disconcerting trend where hackers are not just targeting current wallets but are also revisiting Bitcoin’s earlier days, using technical methods and legal loopholes to tap into forgotten or stolen assets. Furthermore, it illustrates how the saga of Mt. Gox continues to attract scammers, even years after the infamous hack, leading them to produce dubious claims on the lost funds.

For those in the crypto space, it remains crucial to approach any unsolicited legal communications propagated through the blockchain with a high degree of caution. Ultimately, the only evidence of ownership that holds value in the Bitcoin network is possession of the private key—no matter how convincing an OP_RETURN message or a professional-looking website may appear.

As of the latest update, Bitcoin is trading at $108,811, maintaining its reputation as one of the most sought-after digital assets.