How a Fake Ledger Live App Duped Users of $588K

How a Fake Ledger Live App Duped Users of $588K

In a shocking revelation, renowned blockchain investigator ZachXBT uncovered a distressing incident on November 5, 2023. The notorious Ledger Live scam resurfaced, this time infiltrating the official Microsoft App Store. The consequences were dire, resulting in a staggering loss of over 16 Bitcoins, equivalent to a whopping $588,000, from unsuspecting users.

ZachXBT took to Twitter to raise a community alert, warning users about the existence of a fraudulent app named “Ledger Live Web3.” Craftily designed to replicate the authentic Ledger hardware wallet interface, this imposter app deceived users, leading them to unknowingly download the malicious software. The scammer’s wallet address, bc1qg05gw43elzqxqnll8vs8x47ukkhudwyncxy64q, was central to this nefarious activity.

This disturbing saga commenced with a transaction on the scammer’s wallet address on October 24, involving a sum of $5,210. Subsequently, a series of significant transactions followed, culminating in a colossal theft of $588,000. Blockchain.com’s data illuminated the extent of this digital heist, revealing that the scammer orchestrated 38 transactions to launder the stolen Bitcoins. The malicious activities left the fraudster with a balance of $473,800.

Disturbingly, this incident marked the third occurrence of the fake Ledger Live app infiltrating the Microsoft App Store, with previous instances documented in December 2022. In response to the escalating threats, Ledger Support sounded the alarm on December 26. They emphatically stressed that the sole secure platform for downloading Ledger Live remains their official website. In their cautionary message, Ledger Support highlighted a crucial point: they would never request users’ 24-word recovery phrase. Users were sternly warned against divulging this sensitive information, emphasizing the need for utmost caution in safeguarding their digital assets.

This incident serves as a stark reminder of the evolving landscape of digital scams. As the crypto community navigates these treacherous waters, vigilance and caution must be exercised at all times. Stay alert, protect your assets, and remain informed to outwit these cunning perpetrators. The battle against scams continues, and together, we can triumph over deceitful schemes like the Ledger Live scam.