Ledger Funds Stolen Jpeezy555

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Ledger

Twitter user Jpeezy555 reports that the assets on the Ledger were taken, despite the wallet and seed phrase being held separately. One in a locked drawer and the other in a safe. Funds were sent to Binance. JPeezy555 reportedly engaged law enforcement, but as of an update almost a month later, there was no progress in recovery.

The country for this case study is not yet known.

About Ledger

"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."

"[B]ought direct from ledger over 18 months ago." "It[ ha]s not left my home safe for the last few months." "[B]oth [seed phrase and ledger] kept separate, 1 in a locked drawer and the other in my safe."

"Horrible feeling this morning." "I've just checked my ledger nano s for the first time in a while and it's been cleaned out, totally stripped of everything." Lost "1.2btc 35eth 350ltc" "[A]pparently btc and Eth have ended up on @binance"

"Saddest of all is I can get over this loss, and believe so.kuch in the tech that I'd happily start buying again, but where is it truly safe?"

"@tradingroomapp @cz_binance @CryptoDonAlt does anyone know someone who could help please." "Going to file police reports etc not hopeful but fingers crossed." "Still with cyber crime unit, waiting for news, no nothing from Ledger."

The country for this case study is not yet known.

The background of the exchange platform, service, or individuals involved, as it would have been seen or understood at the time of the events.

Include:

• Known history of when and how the service was started.
• What problems does the company or service claim to solve?
• What marketing materials were used by the firm or business?
• Audits performed, and excerpts that may have been included.
• Business registration documents shown (fake or legitimate).
• How were people recruited to participate?
• Public warnings and announcements prior to the event.

Don't Include:

• Any wording which directly states or implies that the business is/was illegitimate, or that a vulnerability existed.
• Anything that wasn't reasonably knowable at the time of the event.

There could be more than one section here. If the same platform is involved with multiple incidents, then it can be linked to a main article page.

The Reality

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• When the service was actually started (if different than the "official story").
• Who actually ran a service and their own personal history.
• How the service was structured behind the scenes. (For example, there was no "trading bot".)
• Details of what audits reported and how vulnerabilities were missed during auditing.

What Happened

The specific events of the loss and how it came about. What actually happened to cause the loss and some of the events leading up to it.

Key Event Timeline - Ledger Funds Stolen Jpeezy555

Date	Event	Description
May 11th, 2019 3:27:00 AM	Main Event	Expand this into a brief description of what happened and the impact. If multiple lines are necessary, add them here.

Total Amount Lost

The total amount lost has been estimated at $47,000 USD.

How much was lost and how was it calculated? If there are conflicting reports, which are accurate and where does the discrepancy lie?

Immediate Reactions

How did the various parties involved (firm, platform, management, and/or affected individual(s)) deal with the events? Were services shut down? Were announcements made? Were groups formed?

Ultimate Outcome

What was the end result? Was any investigation done? Were any individuals prosecuted? Was there a lawsuit? Was any tracing done?

Total Amount Recovered

There do not appear to have been any funds recovered in this case.

What funds were recovered? What funds were reimbursed for those affected users?

Ongoing Developments

What parts of this case are still remaining to be concluded?

Prevention Policies

Which policies could have prevented this event from happening?