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Scammers Steal Nearly $800K in Crypto Via Fraudulent Ledger App

Posted on November 6, 2023

Over the weekend, several crypto users fell victim to a crypto scam after downloading a fake Ledger cryptocurrency wallet management app from Microsoft’s App Store. According to ZachXBT, the affected users collectively lost 17 Bitcoins estimated to be worth $600,000 on Saturday. The following day, the on-chain observer reported that the scammers had managed to steal $140,000 in ETH and $56,000 in BNB, bringing the value of all stolen crypto assets to $796,000.

Microsoft removed the fraudulent app from its app store this morning. However, the tech company has yet to issue a statement regarding the matter.

What is Ledger?

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Ledger is a prominent crypto company that produces hardware wallets for storing digital assets. Such wallets are considered safer than hot wallets as they are not vulnerable to cyberattacks. To access your Ledger wallet, you need to connect it to the Ledger Live App, which the scammers created its clone version to steal from unsuspecting crypto users.

Malicious or counterfeit apps are not new on Microsoft’s App Store. ZD NET, a popular tech-focused website, recently revealed hundreds of fake apps on the Microstore store. A notable one was “Adobe Flash Player,” which allegedly was developed by Microsoft. Given the few downloads, you can easily tell that it is a scam app. Microsoft said some months ago that it was still determining how to address the issue once and for all.

More Fake Apps Found on Google’s Play Store

Malicious apps are not just on the Microsoft Store. There are several on the Google Play Store. In 2021, a crypto trader named Scott Davis lost all the profits he made from that year’s bullrun after downloading a fake version of the KeepKey wallet app on the Play Store. Davis lost 12 BTC at the time. Following the hacking incident, Harry Denley, security director at blockchain analytics company MyCrypto, said he had identified eight other fraudulent KeepKey apps on the Play Store and reported them to Google. The tech giant has since removed the apps.

Thousands of crypto users have lost their digital assets to scammers this year. Those investing in the decentralized finance space have suffered the most, according to Immunefi crypto analytics firm.


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