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In this cunning way, scammers target cryptocurrency holders on hardware wallets

Source: https://bit.ly/3xB2dpW

Hardware wallets are known to be one of the most powerful types of cryptocurrency wallets, and users usually resort to them, especially those who have significant amounts.

Since hardware wallets are not connected to the Internet and thus have fewer security holes, fraudsters are left with nothing but social engineering.

The Ledger hardware wallet has previously had problems with user data leaks.

Scammers took advantage of this point in what we will review in the following:

Fake Ledger wallets:

Ledger was founded in 2014.

Ledger specializes in developing hardware wallets that enable cryptocurrency investors to store their cryptocurrency on offline devices.

The company has enjoyed significant growth in the past several years especially after the recent surge in crypto market prices.

However, the rise in the price of Bitcoin and other digital currencies has caught the attention of bad actors, and Ledger has been implicated in a few controversial security breaches that may even lead to legal action against the company.

As we mentioned, the scammers decided to take advantage of what the “Ledger” company was exposed to by offering fake devices to store cryptocurrency instead of the original devices.

The scammers send a Ledger device by mail with original packaging attached to a letter claiming to be from the company manager advising the user to replace his original wallet with the one provided and instructions on how to do so.

When posting the scam on Reddit , a security expert pointed out that there are significant differences between the original Ledger device and the one sent by the scammers.

He explained that the scammers added a flash drive and plugged it into a USB connector.

He believes that the new additions are intended to some kind of deliver the malware to the targeted victim.

Taking into account that the paper message sent by the scammers tells the potential victim to link the device with his account and enter the recovery phase, to completely seize the cryptocurrency.

As we indicated in the title of the article, this cunning method is exploited by fraudsters to steal the victims’ coins.

Care and caution is a duty and not to use used hardware wallets or purchase from third parties, and it is always better to buy a hardware wallet from the original company.

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