The post Ledger wallet holders lose $800k to fake app appeared on BitcoinEthereumNews.com.

A fraudulent crypto wallet application on the Microsoft store has swindled users out of $768,000 in Bitcoin and Ethereum. On Nov. 5, crypto investigator ZachXBT issued a warning via the X platform (formerly Twitter) about the fraudulent application named Ledger Live Web3. The application deceived users by imitating the original Ledger Live app. The official Ledger Live is a user interface app that allows hardware wallet users to store their crypto assets offline. On-chain data revealed that the fraudsters behind the fake app had accumulated approximately 16,800 BTC, valued at around $588,000, through 38 transactions to the wallet address beginning with “bc1q…y64q”. The initial theft was recorded on Oct. 24, 2023, with an estimated $87,600 being transferred to the scammer’s address. Ledger, known for its self-custody crypto wallet solutions, offers a range of wallets, including the Ledger Nano S Plus, Ledger Nano X, and Ledger Stax, catering to varying user requirements. Despite the company’s reputation, the scammers have exploited the brand’s credibility. At the time of reporting, a small portion of the stolen funds, about $115,760, has been moved from the scammer’s Bitcoin address, which still holds over 13.5 BTC, equivalent to roughly $476,012. ZachXBT’s further investigations uncovered that the scammer also received close to $180,000 through an ETH/BSC address linked to the fake Ledger app, bringing the estimated theft to $768,000. Update: Received an ETH/BSC address from a victim that has collected ~$180K in funds from the fake app. 0x089Ecf0703B8E85183F29725f87da40AE488b7B9 This brings the total amount stolen to $768K+ — ZachXBT (@zachxbt) November 5, 2023 Following the exposure, Microsoft appears to have removed the fraudulent application from their store. The dedicated page for the app on Microsoft’s website has been rendered inaccessible. This incident is not an isolated case, with Ledger’s support team on the X platform having previously issued…

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Filed under: News - @ November 6, 2023 11:24 am