Scammers are targeting Ledger hardware wallet users with a new phishing campaign, sending physical letters that attempt to steal recovery seed phrases and gain control of crypto assets.
The scam involves letters sent through the post, which appear to be from Ledger. These letters use Ledger’s official logo, business address, and a reference number to appear legitimate. Recipients are told they must complete a “critical security update” by scanning a QR code and entering their wallet’s 24-word recovery phrase. The letter threatens that failure to comply may result in restricted access to their wallet and funds.
A seed phrase, also known as a recovery phrase, is a string of up to 24 words that provides full access to a crypto wallet. If scammers obtain this phrase, they can transfer all assets from the wallet.
Ledger has confirmed that these letters are part of a scam. The company has reiterated that it will never ask users for their recovery phrase via phone, email, direct message, or physical mail. Ledger advises users to ignore any requests for their seed phrase and to avoid interacting with anyone claiming to be a Ledger employee offering to help recover funds.
There is speculation that the scammers are using information from a 2020 data breach, in which the personal details of over 270,000 Ledger customers-including names, phone numbers, and addresses-were leaked online. Following that breach, some users also reported receiving fake Ledger devices designed to install malware.
The crypto community has expressed concern over the ongoing risks faced by Ledger users, particularly those affected by the 2020 data leak. Security experts urge all crypto wallet holders to remain vigilant and to never share their recovery phrases under any circumstances.
Meanwhile, ScamSniffer reports over $10.2 million lost to crypto phishing in January, affecting over 9,000 users. While losses decreased from December, transaction simulation spoofing and malware attacks, especially on Telegram targeting crypto wallets, are rising threats.
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