How It All Happened
The affected party, a private crypto trader based in Singapore, used Changelly’s website in April 2025 to exchange Bitcoin for Tether. Although the Bitcoin was confirmed on-chain, the USDT never arrived in the trader’s wallet.
Changelly responded only with automated messages, claiming the transaction was still under review. Months passed without any updates or resolution.
“I did everything they asked, sent every document and screenshot,” the trader told reporters anonymously. “But nothing changed. I thought the money was lost forever.”
What Went Wrong
That’s when WinterMist stepped in. Specializing in digital asset tracing and dispute resolution, the team conducted a detailed audit using blockchain analytics. They found that although Changelly had received the Bitcoin, it was stuck in an internal wallet awaiting compliance checks that never completed.
“Our investigation showed the funds were never properly routed in their system” said Michael Lorne, WinterMist’s operations lead.
Within 26 days of launching the case, WinterMist secured a full refund of $6.8 million in USDT to the trader’s original wallet.
Why It Matters
The case highlights the risks behind seemingly simple crypto swaps. Trading platforms rely on third‑party liquidity partners, which can cause delays or technical issues. When that happens, users are often left without clear answers or recourse.
WinterMist’s role shows how specialized digital asset investigators are becoming an essential bridge between users and complex exchange systems.
About WinterMist
WinterMist is a global blockchain tracing and compliance support firm. They assist individuals and businesses in recovering frozen or mishandled crypto assets. Through forensic analysis, exchange coordination, and regulatory engagement, WinterMist has built a strong reputation for solving high‑stakes crypto cases.