Did MoonPay’s Executive Send Money to Scammers?
2025-07-13
A recent filing from the U.S. Department of Justice (DoJ) reveals a surprising cybersecurity lapse involving two high-ranking executives at MoonPay, a prominent crypto payment firm. According to the document, MoonPay’s CEO Ivan Soto-Wright and CFO Mouna Ammari Siala unknowingly transferred over $250,000 in USDT to a scammer based in Nigeria, falling victim to a sophisticated impersonation scheme.
The incident took place in late 2024 but only came to light in 2025 through legal filings. The scammer impersonated Steve Witkoff—a notable U.S. real estate developer and former co-chair of President Trump’s inaugural committee—using misleading email addresses to deceive the executives. The stolen funds were traced to a wallet linked to a man named Ehiremen Aigbokhan in Lagos, Nigeria.
How Did the MoonPay Scam Happen?
The fraud relied on phishing tactics that mimicked official communication channels. In particular, the attacker used deceptive email addresses by replacing characters—such as using a lowercase “l” in place of a capital “I”—to create a near-identical email identity. This form of email spoofing successfully convinced MoonPay’s leadership that they were interacting with a legitimate business contact.
Once trust was established, the executives transferred approximately $250,300 in USDT to the scammer’s wallet. Blockchain explorers later confirmed the wallet was linked to MoonPay, adding further credibility to the report.
The DOJ has so far managed to freeze $40,350 in USDT with the help of Tether, which responded to the legal filing. However, the rest of the funds are yet to be recovered. As of now, MoonPay has not issued a public statement regarding the incident.
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What This Means for Crypto Executives and Companies
This incident serves as a strong reminder that no one in the crypto space is immune to scams, even senior executives at top firms. The sophistication of phishing and impersonation attacks continues to evolve, exploiting both human trust and technological blind spots.
In an industry already vulnerable to hacks, wallet compromises, and social engineering, this high-profile case emphasizes the importance of rigorous internal verification procedures, email security hygiene, and multi-step transaction authentication.
As regulatory scrutiny increases and reputational risks rise, incidents like this could shape future best practices in crypto firm operations—especially at the executive level.
MoonPay Executives Scam Incident
Conclusion
The scam involving MoonPay’s top executives underscores the persistent risks of phishing, impersonation, and social engineering in the crypto sector.
Despite their industry stature and technical knowledge, even seasoned professionals can be manipulated by well-crafted attacks. This incident not only raises questions about executive-level security protocols but also serves as a case study for improving risk management across Web3 organizations.
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FAQ
Did MoonPay executives really send money to a scammer?
Yes, according to a DOJ filing, MoonPay’s CEO and CFO sent over $250,000 in USDT to a scammer who impersonated a well-known U.S. businessman.
Who was impersonated in the scam targeting MoonPay?
The scammer posed as Steve Witkoff, a real estate mogul and political figure, using deceptive email addresses.
How much of the stolen USDT was recovered?
So far, $40,350 USDT has been frozen by Tether following DOJ intervention, with further recovery efforts ongoing.
Has MoonPay responded to the scam allegations?
As of now, MoonPay has not issued a public statement about the incident.
What can crypto firms learn from the MoonPay scam?
Firms must strengthen email verification, multi-signature approvals, and cybersecurity training, especially at the executive level, to avoid such incidents.
Disclaimer: The content of this article does not constitute financial or investment advice.
