Ledger Live Users Fall Victim to Fake App, Losing $600,000 in Bitcoin
Recently, it was discovered that users who installed a fake Ledger Live application on Microsoft’s app store have lost approximately $600,000 in Bitcoin. The fraudulent app, called “Ledger Live Web3,” deceives users into thinking they are downloading the legitimate Ledger Live app, which is used to store crypto assets offline.
Fake App Scams Users of $588,000 in BTC
An on-chain investigator named ZachXBT brought attention to the suspicious app on Twitter. According to him, the scammer behind the fake app received around 16,800 BTC (equivalent to $588,000) across 38 different transactions using the wallet address “bc1qg05gw43elzqxqnll8vs8x47ukkhudwyncxy64q.” The first funds were transferred on October 24, 2023.
As of now, only about $115,760 has been moved out of the scammer’s wallet address. The remaining balance is still over 13.5 BTC (approximately $476,012).
Exploiter Expands Loot with ETH/BSC Address
In a follow-up post, ZachXBT revealed that the scammer also used an ETH/BSC address to receive funds from the fake Ledger app. They managed to collect approximately $180,000 using this address, bringing their total loot to $768,000.
It appears that Microsoft has taken action and removed the fake Ledger Live app from their store. The dedicated page for the fake app is no longer accessible.
History of Fake Ledger Live Apps
This is not the first time that a fake Ledger Live app has been found on Microsoft’s app store. Ledger’s support account previously warned users about a fake app on two separate occasions within a year.
October Sees Decrease in Crypto Scams
In October, the crypto industry experienced a decline in theft incidents compared to previous months. CertiK reported a total of 38 incidents, resulting in losses of $32.2 million. Although this is still a significant amount, it is notably smaller when considering the 10-month total of $1.4 billion in losses.
While the decrease in security incidents is positive, it serves as a reminder that users should remain cautious and implement robust cybersecurity measures to protect their crypto investments.
Hot Take: Vigilant Cybersecurity Measures Are Essential for Crypto Enthusiasts
The recent incident involving fake Ledger Live apps highlights the ongoing need for strong cybersecurity measures in the crypto space. As digital assets continue to grow in popularity, it is crucial for users to stay vigilant and only download apps from trusted sources. By prioritizing security, crypto enthusiasts can safeguard their investments and avoid falling victim to scams and fraud.
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