Someone Just Lost $50K Bitcoin to Ledger Phishing Scam

By Ibiam Wayas December 10, 2020 In Scams

Buying and holding Bitcoin (BTC) or any other cryptocurrency might be an easy thing to do, but it does require a great level of vigilance to ensure you don’t lose them to cyber-scams. Hackers are becoming a big threat to the growth and development of the crypto industry. Today, a Bitcoin investor reportedly lost about US$50,000 life saving to hackers in a recent Ledger wallet attack.

Ledger Phishing Scam

Ledger is one of the biggest hardware wallet providers for storing cryptocurrencies offline. About a month ago, the company’s marketing/sales database was breached by hackers, exposing the customers’ contact information to the bad actors. This allowed the attackers to unauthorizedly send false and malicious messages to the wallets users’ who gave Ledger their contact details before the database was breached.

Part of the phishing message sent to Ledger users reads: “Our forensics team has found several of the Ledger Live administrative servers to be infected with malware.” While the message looked professional, the content was false. A few customers were able to spot the attack and raised an alarm. However, the attackers recently changed the content of the message, telling customers that their wallet has been disabled due to know-your-customer (KYC) regulation.

US$50,000 in Bitcoin Gone!

As Brad Mills tweeted on Tuesday, the recent message tricked the Bitcoin investor into sending his life savings to the Ledger phishing scammers. According to Mills, Bitcoin investors must be extra vigilant to overcome social engineering hacks, not just being your own bank. One other proven approach all crypto investors must know is not to input their wallet key phrase in any link or website if they must avoid losing their funds in crypto.


Those key phrases are to be directly entered on the wallets, in this case, the Ledger device.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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