Ledger Users Lost 1.1 Million XRP to Scammer

Hardware crypto wallet, Ledger users are becoming the victims of constant cyberattacks, and one such scam stole more than 1,150,000 XRP.

The fraudsters used the widely used Phishing Phishing Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Phishing is a form of cyber-attack in which fake websites, emails, and text messages are used to elicit personal data. The most common targets in this assault are passwords, private cryptocurrency keys, and credit card details.Phishers disguise themselves as reputable businesses and other types of entities. In certain instances, reputable government organizations or authorities are impersonated in order to collect this data.Because phishing relies on psychological manipulation rather than techno Read this Term tactic to siphon the funds from Ledger users. The phishing email sent to many cryptocurrency users was directing them to a fake ledger website. The fake domain was very hard to point out as it cleverly substituted the site with a homoglyph in the domain name.

The proceeds collected from the fraudulent activities were sent to crypto Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, Bittrex, the community ran xrplorer highlights. However, the exchange could not recover the ill-gotten funds.

I got a txt message last night with my full name saying ledger security alert....to download the security update. Deleted it instantly

— Kris Leslie ??????? (@Krissy1097) November 2, 2020

Ledger Users are Among Favourite Targets of Scammers

Though hardware wallets offer much greater security for crypto storage, compared to other means, Ledger users have always faced cyber-attacks, which is mostly from phishing.

One such phishing email sent to the users that gave the impression it was from the Ledger customer support and noted: “Our forensics team has found several of the Ledger Live administrative servers to be infected with malware.”

Unfortunately, the phishing attacks were not limited to fake emails. Finance Magnates earlier reported on a fake Ledger Chrome extension that could have siphoned around $2.5 million worth of digital currencies.

Ledger is also aware of all the fraudulent activities that are targeting its users, but it is not clear how it can prevent them other than creating awareness.

“The investigation is ongoing and at this time we cannot give any additional information but one thing is for certain: Ledger will never ask you for your 24-word recovery phrase, which is a blatant sign of a phishing scam,” a company spokesperson said recently.

“Ledger encourages customers to exercise caution as phishing attacks become more sophisticated and to alert Ledger’s customer support team and consult Ledger.com for more information on the detection of scams.”