Ledger English Teacher encrcne BTC ETH Savings Stolen

From Quadriga Initiative Cryptocurrency Hacks, Scams, and Frauds Repository
Jump to navigation Jump to search

Notice: This page is a freshly imported case study from an original repository. While the original content had a similar format, some sections may not have been fully completed. Please help fill in any empty sections or any missing information you can find. If you are new here, please read General Tutorial on Wikis or Anatomy of a Case Study for help getting started.

Notice: This page contains sources which are not attributed to any text. The unattributed sources follow the initial description. Please assist by visiting each source, reviewing the content, and placing that reference next to any text it can be used to support. Feel free to add any information that you come across which isn't present already. Sources which don't contain any relevant information can be removed. Broken links can be replaced with versions from the Internet Archive. See General Tutorial on Wikis, Anatomy of a Case Study, and/or Citing Your Sources Guide for additional information. Thanks for your help!

Ledger Logo/Homepage

Ledger, a French fintech founded in 2014, is a global leader in crypto hardware wallets, known for devices like the Nano X and the Stax, which prioritize security using proprietary BOLOS OS and certified Secure Element chips. A user recently reported a theft of ~$7,300 CAD in BTC and ETH from a Ledger wallet, despite claiming their device and seed phrase were securely stored. The loss was discovered after setting up a new computer, with no signs of recovery yet. The investigation continues, with the user actively engaging the Reddit community for answers.[1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24][25][26][27][28][29][30][31][32][33][34]

About Ledger

Ledger is a French fintech company founded in 2014 by Éric Larchevêque and others, aiming to secure cryptocurrency storage for individuals. Based in Vierzon, it has grown into a global leader in hardware wallets, employing hundreds and achieving "Apple of crypto‑assets" status, with key security certifications like ANSSI’s CSPN and the Common Criteria EAL5+ for its Secure Element chips.

Ledger’s flagship hardware line includes the Nano S Plus, Nano X (Bluetooth‑enabled), Flex, and the design-forward Stax developed with Tony Fadell (co‑designer of the iPod). These cold wallets run on Ledger’s proprietary BOLOS OS, isolating private keys and apps to protect against malware — while managing thousands of tokens via Ledger Live, requiring user approval on-device for every transaction.

About Encrcne

Encrcne works as "a public teacher" teaching English and is a father of three children, ages 5 years, 3 years, and 4 months old at the time. He is married to a technically limited wife, who reportedly "doesn’t know what a USB-C cable is".

Encrcne has a Ledger Nano S, which he stored securely in a box in his room. He is suspected of being from Ontario, however the specific province has not been confirmed.

The Reality

Despite its robust protections, Ledger has faced security challenges. In December 2023, a supply‑chain exploit on its Ledger Connect Kit affected some DApps, leading to a prompt fix and a pledge to remove blind‑signing by mid‑2024. More recently, scammers have impersonated Ledger via phishing letters and fake emails attempting to extract users’ seed phrases, prompting Ledger to warn users to never share recovery data.

What Happened

A Ledger user reported a theft of ~$7,300 CAD in crypto despite securely storing their device and seed phrase.

Key Event Timeline - Ledger English Teacher encrcne BTC ETH Savings Stolen
Date Event Description
May 18th, 2025 11:04:11 AM MDT Ethereum Funds Stolen Ethereum funds stolen from the Ethereum address.
May 18th, 2025 11:06:22 AM MDT Bitcoin Funds Stolen Bitcoin funds are stolen from the bitcoin address on ledger.
June 18th, 2025 6:01:02 PM MDT Post Made On Reddit The post is made on Reddit to highlight the theft and allow users to start speculating on what happened.

Technical Details

User's Wallet Address (ethereum): 0xdd5e2f597f543ffa64a882ac7110bb3a6dbaeeb1

Seed phrase was reportedly "written down, placed in a box, and hidden". His Ledger "device, and the seed phrase, have been in a locked drawer in [his] room".

Total Amount Lost

The value of the funds at the time of the loss was around $7,300 CAD. The victim values them at $5,000 CAD.

0.04514520 BTC and 0.17548422 ETH.

The total amount lost has been estimated at $7,000 USD.

Immediate Reactions

The victims appears to have noticed after setting up a new computer to access the Ledger wallet.

Ultimate Outcome

They posted online on Reddit to attempt to get community support. Numerous potential theories were prepared.

Total Amount Recovered

There is no indication that any funds have been recovered.

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

Ongoing Developments

Investigation continues and the OP appears to be regularly posting on Reddit.

Individual Prevention Policies

No specific policies for individual prevention have yet been identified in this case.

For the full list of how to protect your funds as an individual, check our Prevention Policies for Individuals guide.

Platform Prevention Policies

Policies for platforms to take to prevent this situation have not yet been selected in this case.

For the full list of how to protect your funds as a financial service, check our Prevention Policies for Platforms guide.

Regulatory Prevention Policies

No specific regulatory policies have yet been identified in this case.

For the full list of regulatory policies that can prevent loss, check our Prevention Policies for Regulators guide.

References

  1. ↑ encrcne - "I wrote the seed on one piece of paper and kept it hidden in the ledger box right from the start where no one at all would have access to it. Device was purchased directly from ledger. Coins were sitting normally." - Reddit (Accessed Jun 20, 2025)
  2. ↑ jamesnaranja90 - "Look at the receiving address's movements. That's somebody that does that all the time...." - Reddit (Accessed Jun 20, 2025)
  3. ↑ encrcne - "my device, and the seed phrase, have been in a locked drawer in my room. They’ve never been on any computer or NEAR the internet. No one goes in my room apart from my 5 year old child and my wife. Is there any other possibility? Because someone finding the seed or pin in my room is quite literally impossible." - Reddit (Accessed Jun 20, 2025)
  4. ↑ encrcne - "It’s not an office, it’s my house which is alarmed, and 99% of the time only my wife and two young children are here. no one broke in. If they did, they wouldn’t know where to look. No one saw the seed phrase. I can assure you." - Reddit (Accessed Jun 20, 2025)
  5. ↑ azzuro-x - "I've checked the transactions, this seems to be a semi-professional hack (only one intermediary address used before sending the funds to the exchanges). As the others stated the 0.04514520 BTC ended up on Binance (bc1qgzrva028eym96uax90j28qj3aqhh3dy8gk6qvp) while in case of the 0.17548422 ETH they've used a smaller exchange called ChangeNow (0xEbA88149813BEc1cCcccFDb0daCEFaaa5DE94cB1). According to my calculation the total amount is closer to 7k CAD." - Reddit (Accessed Jun 20, 2025)
  6. ↑ encrcne - "Because I live in my house, I know everyone that has been in my house, 99% of my socializing has been outside of my house, my house is alarmed, the nano was in my bedroom (no access) in a closet (even less access) in an area impossible to reach without a ladder…if there was any doubt in my mind, I wouldn’t have come here." - Reddit (Accessed Jun 20, 2025)
  7. ↑ encrcne - "I’ve been doing that the entire time. I haven’t even plugged it in for 6 months prior to the theft." - Reddit (Accessed Jun 20, 2025)
  8. ↑ encrcne - "Not possible. I know, law of averages, but i assure you she is not capable. She wouldn’t know where to begin." - Reddit (Accessed Jun 20, 2025)
  9. ↑ encrcne - "Seed was generated. Purchased direct." - Reddit (Accessed Jun 20, 2025)
  10. ↑ encrcne - "It was a combination of venting and curiosity. I’ve been mocked by about 500 people here, but the ones with empathy have made it worth it. One guy even offered to set up donations, which is well beyond what I expected (or want - I don’t want anyone to think this is a scam in itself). Yeah, we get a pension, but I started late so I have to work until my late 60s. This is the equivalent of about two months salary for me." - Reddit (Accessed Jun 20, 2025)
  11. ↑ encrcne - "No, I’ve touched on this elsewhere but the seed was offline, no photos, never used my phone for transactions (I don’t even think it’s possible without using the desktop app)." - Reddit (Accessed Jun 20, 2025)
  12. ↑ encrcne - "Yes, without question everything was transferred out May 18, but I hadn’t plugged it in over the last year." - Reddit (Accessed Jun 20, 2025)
  13. ↑ encrcne - "It hadn’t been plugged in over 6 months. I purchased direct from Ledger. Will share ETH." - Reddit (Accessed Jun 20, 2025)
  14. ↑ "No. Nothing at all. My Nano sat in a hidden area. Not plugged in for at least 6 months before I discovered the transaction. No funds added since 2021." - Reddit (Accessed Jun 20, 2025)
  15. ↑ encrcne - "Yes, I had the 25th word. No, I didn’t take a photo. No one would have seen the single card I wrote the code down on." - Reddit (Accessed Jun 20, 2025)
  16. ↑ encrcne - "Desktop app. I did use the mobile app for a spell, just to monitor my balances, but that was years ago and I didn’t connect the ledger to my phone." - Reddit (Accessed Jun 20, 2025)
  17. ↑ encrcne - "That computer has been wiped, sadly." - Reddit (Accessed Jun 20, 2025)
  18. ↑ encrcne - "It’s here. No need to put wiped in quotes. It was wiped. All the data is gone as of 6 months ago. I only discovered the loss today because I hooked it up to a new computer. I only back up essential files on an SSD. I don’t use Time Machine." - Reddit (Accessed Jun 20, 2025)
  19. ↑ encrcne - "Negative. It hasn’t been plugged in since mid 2024." - Reddit (Accessed Jun 20, 2025)
  20. ↑ encrcne - "Respectfully, I followed all the rules. I did a ton of research. It still backfired. I can’t undo what happened, so telling me to make better choices isn’t helpful." - Reddit (Accessed Jun 20, 2025)
  21. ↑ encrcne - "So, tampered during production and then they waited 6 years to steal the funds? Could it have been a bot instead?" - Reddit (Accessed Jun 20, 2025)
  22. ↑ 0.83 ETH Transferred (By encrcne) - Etherscan (Accessed Jun 20, 2025)
  23. ↑ Transaction Transferring 0.04514520 BTC From encrcne - Blockstream (Accessed Jun 20, 2025)
  24. ↑ encrcne's Wallet Address - Etherscan (Accessed Jun 20, 2025)
  25. ↑ encrcne - "No, my seed phrase was hidden from everyone and my wife wouldn’t even know what to do with it. It’s a very large amount to me. I’m a teacher and I make 50k a year." - Reddit (Accessed Jun 20, 2025)
  26. ↑ encrcne - "THIS is the comment that crosses the line. I would never touch that slop. I type the way I do because I’m an English teacher." - Reddit (Accessed Jun 20, 2025)
  27. ↑ encrcne - "I make $1400 biweekly when I am working. I am currently on parental leave with my baby and taking home a whopping $870 after taxes. As you can imagine, expenses get gobbled up quick. That was a few years worth of saving. We don’t get paid a living wage." - Reddit (Accessed Jun 20, 2025)
  28. ↑ encrcne - "Yes. In Canada. Pay grade varies from province to province. My province is, last I checked, 8th of 12 for salary levels." - Reddit (Accessed Jun 20, 2025)
  29. ↑ Ledger Enterprise - Wikipedia French (Accessed Jun 20, 2025)
  30. ↑ Ledger, le spécialiste français des coffres-forts numériques qui se voit en « Apple des cryptoactifs » (Accessed Jun 20, 2025)
  31. ↑ Ledger Wallet: A Comprehensive Overview of All Models (Accessed Jun 20, 2025)
  32. ↑ Ledger Wallet: Examples of How Crypto Wallets Work (Accessed Jun 20, 2025)
  33. ↑ Tony Fadell Is Trying to Build the iPod of Crypto - Wired (Accessed Jun 20, 2025)
  34. ↑ The crypto hardware wallet Ledger updates the signing procedures. - Cryptonomist (Accessed Jun 20, 2025)
Retrieved from "https://quadrigainitiative.com/cryptocurrencyhackscamfraudwiki/index.php?title=Ledger_English_Teacher_encrcne_BTC_ETH_Savings_Stolen&oldid=6783"