Over Half a Million Dollars in Bitcoin Stolen from Fake Ledger App on Microsoft Store
A fake Ledger crypto wallet management app was downloaded from the Microsoft App Store, resulting in the theft of over half a million dollars in Bitcoin. Blockchain analyst ZachXBT first reported on Twitter that hackers had stolen 16.8 Bitcoin, valued at $587,238, through the malicious app. Since then, an additional $180,000 worth of Ethereum and BNB Smart Chain has been stolen, bringing the total value of lost crypto to $767,238.
Microsoft has removed the fake app from its store and assured users that it is continuously working to identify and remove malicious content swiftly. Ledger, a major hardware wallet company, requires users to download an app to their computers to utilize its products. The presence of a malicious app means unsuspecting investors may unknowingly send their digital assets to a thief’s address instead of securely storing them offline.
Counterfeit Apps and Hacks in the Crypto Space
This incident highlights the ongoing issue of counterfeit or malicious apps on the Microsoft Store. The company has been combating this problem for over a decade. The crypto space has seen a surge in hacks this year, with decentralized finance (DeFi) platforms attracting attention for their complexity and susceptibility to scams. However, cybercriminals are also targeting major crypto brands and wallets with increasing sophistication.
As of now, Ledger has not responded to Decrypt’s inquiries regarding this incident.
Hot Take: Protecting Your Crypto Investments
The recent thefts resulting from the fake Ledger app serve as a reminder of the importance of taking precautions when dealing with cryptocurrency. To protect your investments:
- Only download apps from trusted sources: Stick to reputable app stores and verify the legitimacy of the app before downloading.
- Be cautious with your private keys: Never share your private keys or recovery phrases with anyone and store them securely offline.
- Double-check wallet addresses: Before sending any cryptocurrency, verify the accuracy of the recipient’s wallet address to avoid sending funds to a malicious actor.
- Stay informed about security best practices: Regularly educate yourself on the latest security measures and trends in the crypto industry to stay one step ahead of potential threats.
By following these guidelines, you can better protect your crypto assets and reduce the risk of falling victim to scams and thefts.
By
By
By
By
By