A fake Ledger application causes a loss of $800,000!

Recently, Ledger Wallet users suffered a colossal loss of nearly $800,000 due to a malicious fake application on the Microsoft App Store.

Fake Ledger Live app scam on App Store claims many victims

The fake app ” Ledger Live Web3 ” fooled many users into believing they were downloading the official application “Ledger Live “.

The latter is a user interface that allows owners of Cold Wallet to store their cryptos securely offline. Unfortunately, the malicious application managed to grab nearly $800,000 in crypto assets from its victims.

The blockchain investigator, ZachXBT identified approximately 16,800 BTC (about $588,000) transferred to the fraudster’s address via 38 different transactions. The first amount was transferred on October 24, 2023, for an estimated $87,600. Currently, only just over $115,760 has been withdrawn from the fraudster’s address, but the remaining balance still stands at over $476,000.

In addition, ZachXBT revealed that the scammer used an ETH/BSC address to accumulate approximately $180,000, bringing his total haul to $768,000. However, it appears that Microsoft has finally removed the fake application from its application store, and the associated page is no longer accessible.

Microsoft in the grip of fake Ledger Live apps

This is not the first time that a fake Ledger Live application makes its way into the Microsoft. Ledger’s support account on X had to warn its users of a fake application twice in the space of a year.

The incident comes as October saw a notable drop in crypto scams, with a total number of 38 incidents contributing to losses of $32.2 million, according to data from CertiK. Although these figures represent an improvement, they still underline the persistence of security threats in this space.

This incident is a reminder of the importance of cybersecurity in the cryptocurrency world, where investments are at the mercy of phishing attacks. Users need to stay informed, take security measures and be wary of suspicious apps and websites to protect their valuable digital assets. In addition, it’s always a good idea to diversify your cold wallet, for example by purchasing a D’Cent Wallet in addition.