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Key Insights:
- Terablock took over $300M in investor funds over a period of two years and collapsed, leaving victims without access to funds.
- Mexican and American authorities are working cross-borders to track down key players in the scam with one major participant already in custody.
- Victims may take years to receive compensation for a scam that promised up to 15% returns month on month.
- Best Wallet (and $BEST) is an natural solution to avoid these scams, as it offers a non-custodial solution to keep your funds safe.
Mexican authorities have arrested one suspect related to the collapse of DeFI platform Terablock, which took approximately $300M in investor funds down with it.
It’s estimated that 1,200 customers across the US and Mexico were affected. Terablock promised 7%-15% monthly returns when investing in $USDC, but victims could only withdraw on certain days with huge transaction fees.
Meanwhile, victims could download a mobile app that showed their potential profits. In reality, Terablock had complete control over their funds and was planning to run with them.
And run they did two years later. Now, they’re getting picked off one by one.
The truth is that keeping your crypto out of the hands of scammers isn’t easy work. But we’re looking at a project that hopes to solve a lot of the headaches involved with crypto custody: Best Wallet and its official token, $BEST.
Best Wallet keeps your crypto in your hands with Fireblocks MPC-CMP for added wallet key security, but it’s got a few other handy features too. We’ll discuss it below.
What Was Terablock – One Of Mexico’s Worst Scam Exchanges
Terablock was a pyramid scheme crypto-scam allegedly run by Javier Castro Elenes. In 2019, Terablock opened a stablecoin investment scheme which allowed investors to receive up to 15% in returns per month.
The company boasted of an investment algorithm created by Elenes that took investment funds in stablecoins and used them to turn profits on traditional stock markets.
The initial payments built trust for victims, some of whom ended up investing their lifetime of savings and went bankrupt or had to mortgage their own homes.
At first, the scam did provide returns to initial investors, but by 2021 operations had ceased completely under the guide of a ‘technical shutdown.’
Unfortunately, it could take years for the legal case against Terablock to process, and some of the lost funds may never be tracked down.
However, more court orders are on the way to parties involved across North America, but we have no concluding information on their identities yet.
Crypto Hacks Are Plaguing the Industry and Defrauding Millions of Users
As the crypto industry grows more profitable every year, that brings more unsavoury eyes onto crypto looking to separate you from your wealth. Chainalysis has measured over $2.17B stolen from cryptocurrency providers in 2025 so far, already surpassing 2024’s total.
While headline hacks like the DPRK’s $1.5B hack of ByBit grab the most attention, they’re relatively rare. The real issue is personal wallet compromise, which now makes up almost 25% of stolen fund activity in 2025.
Hackers are increasingly recognising that attacking individual users is more profitable than hacking exchanges. These attacks aren’t just limited to the cyber world, either. Criminals are turning towards real-world attacks to separate users from their wallet keys.
While there isn’t much you can do about the security of the exchange you use (apart from moving your crypto off-exchange), you can make sure you maintain good security habits.
Using a wallet with 2FA ensures that even if your password is stolen, there’s an extra layer of security between a hacker and your wallet. Well, you’re in luck: Best Wallet uses 2FA in addition to Fireblocks MPC-CMP.
Why Choose Best Wallet & Best Wallet Token ($BEST) – Lower Transaction Fees on a Self-Custody Wallet
Holding onto your own crypto is essential. When you hand it over to a centralised exchange, you’re trusting them to keep it safe on your behalf.
And if you don’t own your wallet keys, you don’t own your crypto.
Best Wallet solves both these problems by keeping your crypto in a noncustodial, mobile-first software wallet while giving you access to exchange features (think of swaps and staking, in the future).
A recent update to Best Wallet brought Solana support, which means you now get access to six major chains:
An upcoming crypto debit card promises seamless real-world transactions with crypto, just like a regular debit card. With additional cashback per purchase, the Best Card taps into an evolving market that’s seeing the likes of Mastercard join the fray.
Most of the features on Best Wallet are boosted by holding Best Wallet Token, its own utility token. You get reduced transaction fees on your swaps that you can conduct over Best Wallet’s own altcoin marketplace when you transact in $BEST.
You also get access to some of the hottest presales exclusively in Best Wallet, all fueled by $BEST. In fact, you can buy into the $BEST presale before the Best Wallet hits full release. It’s currently raised over $14.6M and if you stake now, you can still get potential rewards of up to 92% per annum.
If you’re worried about the safety of $BEST itself, you’re in luck. Both Coinsult and Solidproof have published coin audits indicating that $BEST has a secure contract.
Keep Safe while Investing with Crypto
There’s two things you should take away from reading about Terablock (or any scam, for that matter).
One, you need to always do your own research when it comes to an opportunity that seems too good to be true. Terablock didn’t have an advanced investment algorithm that could beat the market, they simply paid off older investors with newer scam victims. Classic pyramid scheme.
Two, if you don’t hold your crypto in non-custodial storage, then it’s not really yours. Best Wallet solves this issue while still keeping you connected to a DEX that allows you to buy exciting presales. You can find the Best Wallet project here, or if you’d prefer you can check out the Best Wallet Token ($BEST) first.
Remember that crypto tends to be volatile, and we make no financial guarantees.
