Ledger wallet holder loses $800,000 due to fake app

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A fraudulent crypto wallet app on the Microsoft Store has defrauded users of $768,000 in Bitcoin and Ethereum.

On November 5, cryptocurrency investigator ZachXBT issued a warning via the X platform (formerly Twitter) about a fraudulent application called Ledger Live Web3. The app deceives users by imitating the original Ledger Live app.

Official Ledger Live is a user interface application that allows hardware wallet users to store their crypto assets offline.

On-chain data shows that the fraudsters behind the fake application accumulated approximately 16,800 BTC, worth approximately $588,000, by conducting 38 transactions to wallet addresses starting with “bc1q…y64q.”

The first theft was recorded on October 24, 2023, with an estimated $87,600 transferred to the scammer’s address.

Ledger is known for its self-service crypto wallet solutions, offering a range of wallets including Ledger Nano S Plus, Ledger Nano X and Ledger Stax to meet the needs of different users. Despite the company’s reputation, scammers took advantage of the brand’s credibility.

As of the time of the report, a small portion of the stolen funds (approximately $115,760) had been transferred from the scammer’s Bitcoin address, which still holds more than 13.5 BTC, equivalent to approximately $476,012.

Further investigation by ZachXBT found that the scammers also received nearly $180,000 through ETH/BSC addresses associated with the fake Ledger application, bringing the amount stolen to an estimated $768,000.

Following the exposure, Microsoft appears to have removed the fraudulent app from its store. The app’s dedicated page on Microsoft’s website is no longer accessible.

This incident is not an isolated incident, the support team of the Ledger X platform has previously issued warnings about fake applications twice within a year.

Cryptocurrency Scam Trends Decline in October

The number of thefts in the cryptocurrency industry in October was the lowest since 2023, CertiK reported. There were 38 incidents this month involving hacks, exploits and scams, resulting in a total loss of $32.2 million.

Compared with the 10-month cumulative loss of $1.4 billion, October’s figure was a significant decrease, equivalent to only about 25% of the average monthly loss for the entire year.

Although thefts and scams have decreased, the recent Ledger app scam is a stark reminder of the ongoing security risks within the cryptocurrency space, urging users to remain vigilant even in seemingly safe environments.


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