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BEWARE: Bitcoiner Loses $50K Life Savings to Ledger Phishing Scam

Most users of the popular cryptocurrency hardware wallet, Ledger have been victimized by an email leak that the company suffered earlier this year.

According to several screenshots on cryptocurrency communities on Reddit and Twitter, fraudsters who obtained these emails have been hard at work, devising several tactics to get users to give up their wallet credentials.

While users must remain alert to the ongoing Ledger phishing scam, the possibility of someone falling victim to these scams is becoming almost inevitable. Magic Internet Money podcast host, Brad Mills shared today an incident where a Bitcoiner lost $50,000 or what was presumably his life savings to the Ledger phishing scam.

While the nature of the email that led to the latest $50,000 loss wasn’t disclosed, a common tactic that the fraudsters use is sending an email or SMS alert that a Ledger user upgrades their device with software designed to steal their seed phase.

Ledger Phishing Scam

The attacks have been on since early October, with unsuspecting users continue to fall prey. They are usually redirected to a clone Ledger website where they install the malicious app, and only realize what has happened when their wallet balance becomes empty.

To protect themselves, users are encouraged to double-check email addresses from supposed Ledger communications and do not download firmware updates from a website other than the official Ledger website. It is also vital to avoid entering your recovery seed phrase on any website since Ledger never asks users for such information.

Only users who purchased Ledger devices before the email breach are being targeted, and the company has pledged to take proactive measures to prevent such an occurrence in the future.

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