LEDGER

DESCRIPTION OF EVENTS

"Based in France, Ledger is the largest cryptocurrency hardware wallet company." "Ledger is a hardware cryptocurrency wallet that is used to store, manage, and sell cryptocurrency. The funds held in these wallets are secured using a 24-word recovery phrase and an optional secret passphrase that only the owner knows."

"Ledger offers two products, the Nano S and Nano X, that can store the digital keys used to secure crypto wallets. The devices can be used with a variety of cryptocurrencies, are compatible with numerous apps, and are supposed to offer a safe way to manage crypto without compromising too much on convenience. Ledger says on its website that it has sold 1.5 million products to customers in 165 countries to date."

"About a week ago I had a terrible incident where I responded to a Telegram scammer’s PM thinking they were gonna help me resolve a minor issue I was bumping into." "I was trying to use a trade platform that was giving me an eip 1559 error."

"I put my seed into a website that seemed legit to me, a more-than-averagely-versed crypto user, and promptly watched my balance go to 0." "I lost $350k myself back in September- cleared out my bank… I feel [you] bro."

"I’ve learned tons from getting scammed, at this point I’m interested in figuring out what to do if, for example, my computer was stolen and ledger live was open or something." "Or for anothe[r] example, what if my computer got some virus where someone else could control the cursor and keyboard and I was logged into ledger live."

Reddit user TuckerCR was tricked into divulging his seed phrase to a scammer on Telegram. He was directed to a website which appeared legitimate and allowed him to enter his seed phrase, after which his funds were immediately removed from the account. He reportedly lost $350k orth of BTC and ETH.

HOW COULD THIS HAVE BEEN PREVENTED?

Never ever provide your seed phrase to anyone, nor enter it online anywhere. The only purpose of a seed phrase is for recovering a wallet. Keep it stored offline, never on any electronic device.

Check Our Framework For Safe Secure Exchange Platforms

Got compromised and lost over $120k in crypto; AMA : CryptoCurrency (Jun 1)
Got compromised and lost over $120k in crypto; AMA : CryptoCurrency (Jul 6)
Ledger Live : Most trusted & secure crypto wallet | Ledger (Feb 13)
Ledger Refuses Refunds, Tells Clients “Bank Vault Is More Secure” | Financegates (Mar 19)
Physical Addresses of 270K Ledger Owners Leaked On Hacker Forum - Slashdot (Mar 19)
Scammers Are Using Fake Devices to Steal Cryptocurrency Wallets | PCMag (Mar 6)

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