Hardware wallet Ledger users face malicious phishing attack

Ledger hardware wallets users have received unpleasant emails stating that their crypto assets are at risk, which proves to be a scam.

By · Oct 29, 2020 . 6min read

Hardware wallet Ledger phishing attack news

Crypto industry is fraught with hackers who are always on the prowl to exploit crypto infrastructure users. The famous hardware wallet manufacturer, Ledger, has experienced a phishing attack. When it comes to successful cryptocurrency hardware wallets, Ledger is frequently a part of the conversation. Their devices are convenient and affordable. It supports a surplus of tokens, currencies, and assets. It is this fame that is presently working against the company, at least where the most advanced phishing scam is involved. Ledger is investigating after various of the wallet provider’s consumers announced on social media today that they had received phishing emails.

Users are receiving emails demanding recovery word.

The first series of bogus emails were demanding 24-word recovery expression. However, the company informed its clients that it would never ask this. The next lot of emails asserted that a breach of the Ledger server’s data had affected the wallet associated with the intended email address. It encourages users to install the most current edition of Ledger Live via a fixed email link and change their PINs.

Moreover, the email appears genuine at first. However, there are many implications of its fraudulence. For example, its domain does not start from ledger.com rather legder.com. The email also involves the fake URL http://url9594.legder.com that could affect the inexperienced to install malware that will catch their ID or mine cryptocurrency. Crypto investors and traders have taken to Twitter to reveal this phishing scam and inform others regarding it.

Lessons from Ledger phishing scam

The company provides a list declaring that they are conscious of these illegal scams. Ledger assures their consumers that their money is safe as long as their recovery word is safe. Furthermore, the hardware wallet firm suffered a data breach in late June, which revealed consumer data and over one million user emails.

Ledger’s case once again emphasizes on the vulnerabilities of centralized setups for unencrypted data storage. The single attack may lead to more attacks, as scammers can reuse consumer’s data endlessly. The data includes email addresses, names, and phone numbers endlessly. A prominent lesson hardware wallet users can take away from this is cherishing the popular crypto saying “don’t trust, verify”. One should keep this mind when they land up in a similar scenario.

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