ZachXBT

<p class="is-style-lead">A fraudulent crypto wallet application on the Microsoft store has swindled users out of $768,000 in Bitcoin and Ethereum.</p> 
<p>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.</p> 
<p>The official <a href="https://crypto.news/tag/ledger/" data-type="link" data-id="https://crypto.news/tag/ledger/">Ledger</a> Live is a user interface app that allows hardware wallet users to store their crypto assets offline.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Community Alert: There is currently a fake <a href="https://twitter.com/Ledger?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Ledger</a> Live app on the official <a href="https://twitter.com/Microsoft?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@Microsoft</a> App Store which was resulted in 16.8+ BTC ($588K) stolen<br><br>Scammer address<br>bc1qg05gw43elzqxqnll8vs8x47ukkhudwyncxy64q <a href="https://t.co/rOZ0ZWRWbn" target="_blank">pic.twitter.com/rOZ0ZWRWbn</a></p>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1720961400313373127?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 5, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>On-chain data revealed that the fraudsters behind the fake app had accumulated approximately 16,800 <a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>, valued at around $588,000, through 38 transactions to the wallet address beginning with “bc1q…y64q”.</p> 
<p>The initial theft was recorded on Oct. 24, 2023, with an estimated $87,600 being transferred to the scammer’s address.</p> 
<p>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.</p> 
<p> You might also like: <a href="https://crypto.news/ledger-to-launch-controversial-recovery-service/"> Ledger to launch controversial recovery service </a> </p> 
<p>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.</p> 
<p>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.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Update: Received an ETH/BSC address from a victim that has collected ~$180K in funds from the fake app.<br><br>0x089Ecf0703B8E85183F29725f87da40AE488b7B9<br><br>This brings the total amount stolen to $768K+</p>— ZachXBT (@zachxbt) <a href="https://twitter.com/zachxbt/status/1721073656648921398?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 5, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Following the exposure, <a href="https://crypto.news/tag/microsoft/" data-type="link" data-id="https://crypto.news/tag/microsoft/">Microsoft</a> appears to have removed the fraudulent application from their store. The dedicated page for the app on Microsoft’s website has been rendered inaccessible.</p> 
<p>This incident is not an isolated case, with Ledger’s support team on the X platform having previously issued warnings about fake applications on two occasions within a year.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">🚨 Hey <a href="https://twitter.com/hashtag/ledger?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#ledger</a> users<br><br>Beware of fake Ledger Live apps published on the Microsoft Store👀<br><br>The only safe place to download Ledger Live is on our website👇<a href="https://t.co/cDLX1rEWPf" target="_blank">https://t.co/cDLX1rEWPf</a><br><br>Ledger will NEVER ask you for your 24-word recovery phrase ❌<br><br>Stay safe 🙏 <a href="https://t.co/0dXTJ7FeuO" target="_blank">pic.twitter.com/0dXTJ7FeuO</a></p>— Ledger Support (@Ledger_Support) <a href="https://twitter.com/Ledger_Support/status/1607290842649083910?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">December 26, 2022</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="crypto-scam-trends-declined-in-october">Crypto scam trends declined in October</h2> 
<p>October saw the crypto sector witnessing its least amount of theft for the year 2023, as <a href="https://crypto.news/various-crypto-scams-cost-users-over-32m-in-october/">reported</a> by CertiK. The month recorded 38 incidents encompassing hacks, exploits, and scams, leading to a combined loss of $32.2 million.</p> 
<p>Compared to the cumulative 10-month loss of $1.4 billion, October’s figures represent a significant decrease, amounting to just about 25% of the average monthly losses observed throughout the year.</p> 
<p>Despite the decrease in theft and scams, the recent Ledger app scam is a stark reminder of the persistent security risks within the crypto space, urging users to remain vigilant even in seemingly secure environments.</p> 
<p> Read more: <a href="https://crypto.news/new-research-reveals-the-most-common-crypto-scams-in-2023/"> New research reveals the most common crypto scams in 2023 </a> </p>

Ledger wallet holders lose $800k to fake app

Table of Contents

crypto.news

Other articles published on Nov 6, 2023

Bitcoin Wallets with at Least $1,000 Worth of BTC Reach Record High

What’s behind ADA’s current bullish momentum?

What is DOCK Coin?

Solana trading volume surges amidst market rally

XRP Gains Momentum, $1.69 Rally Expected Amid Upcoming Ripple Event

FTX Considers Liquidating $744 Million in Grayscale and Bitwise Holdings

Join our free newsletter for daily crypto updates!