A Warning Against a Fraudulent Crypto Wallet Application on the Microsoft Store
A fraudulent crypto wallet application found on the Microsoft store has managed to defraud users of $768,000 worth of Bitcoin and Ethereum. The application, called Ledger Live Web3, pretended to be the official Ledger Live app in order to deceive users.
ZachXBT, a crypto investigator, issued a warning about this scam on the X platform (formerly Twitter) on November 5. After the exposure, Microsoft seems to have taken action and removed the fraudulent app from their store, as the dedicated page for the app is no longer accessible.
This incident is not an isolated case. The support team for Ledger, the popular hardware wallet, has previously warned about fake applications twice within a year on the X platform.
Crypto Scam Trends See a Decline in October
According to CertiK, October marked a decline in crypto theft and scams for 2023. There were 38 incidents reported in the month, resulting in a combined loss of $32.2 million. This represents a significant decrease compared to the average monthly losses observed throughout the year, which totaled $1.4 billion.
Despite this decline, the recent scam involving the fake Ledger app serves as a reminder of the ongoing security risks in the crypto space. It highlights the importance of remaining vigilant even in seemingly secure environments.
Hot Take: Staying Alert in an Ever-Changing Crypto Landscape
The rise of fraudulent apps targeting crypto users is a concerning trend that demands constant vigilance. The recent incident with the fake Ledger app underscores the need for users to verify and double-check before downloading any cryptocurrency-related applications.
As hackers become increasingly sophisticated, it is crucial for individuals to stay informed about the latest scams and take proactive measures to protect their crypto assets. By remaining cautious and following security best practices, you can help safeguard your investments in the ever-changing crypto landscape.
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