Crypto: Ledger Is Subjected To A Phishing Email Attack

As the crypto world continues to grow, it unfortunately attracts the attention of ever more inventive malicious actors. Recently, Ledger, a recognized leader in hardware wallet solutions, has become the target of a new wave of fraudulent emails seeking to seize its users’ funds. This phishing attack attempts to persuade Ledger wallet holders to activate a supposed security feature, “Ledger Clear Signing”, from a suspicious link. Behind this false promise of protection, the fraudsters have meticulously orchestrated a trap to deceive users and access their digital assets.

A false security: the method behind this phishing attack

The attackers’ strategy relies on a simple yet extremely effective scheme. They send emails that seem official, mimicking the tone and presentation of Ledger.

These messages warn users of the necessity to activate “Ledger Clear Signing” before October 31, under penalty of losing access to their wallets.

This ruse plays on the fear of urgency: by promising to protect users’ funds against future phishing attacks, the scammers paradoxically use the threat they pretend to combat to achieve their goals.

A particularly disturbing aspect of this scam lies in its professional presentation. The email redirects users to a fraudulent website, carefully designed to mimic an official Ledger page.

There, they are invited to enter sensitive information, including details necessary to access the funds stored on their wallet.

Thomas Roccia, principal threat researcher at Microsoft, describes this scam as a “clean imitation”, emphasizing that the malicious URL has no direct link with Ledger, but could nevertheless deceive unsuspecting users.

Although this attack appears sophisticated, it is part of a broader trend of phishing targeting cryptocurrency users.

In May, another massive phishing operation allowed fraudsters to steal 71 million dollars from a trader, proving that despite advanced security solutions, the crypto world remains vulnerable to scams based on psychological manipulation.

The escalation of phishing attacks in the crypto universe

Phishing attacks have intensified in the crypto sector in recent months, causing colossal losses. In September, they stole approximately 46 million dollars from 10,800 victims, according to Scam Sniffer, an on-chain security company.

These attacks aim to exploit users’ gullibility and appropriate their digital assets almost invisibly.

In this context, Ledger, with its status as the go-to choice for hardware wallets, represents a prime target for fraudsters.

In August, phishing attacks in the crypto sector saw an increase of 215%, generating 66 million dollars in losses.

One particular attack resulted in the loss of 55 million dollars in digital assets, after a user signed a fraudulent transaction on the Maker protocol, inadvertently transferring a huge amount in Dai (DAI) to the scammers.

The rise of these attacks reflects the increasing sophistication of cybercriminals, who know how to exploit the ignorance or negligence of certain users to their advantage.

Victims of these attacks often find themselves with no recourse. Unlike traditional banking transactions, cryptocurrency transfers are irreversible. Thus, once funds are stolen, it is practically impossible to recover them.

Ledger users and those of any other crypto wallet must therefore remain constantly vigilant against phishing attempts. By being wary of suspicious emails, verifying every link before clicking, and consulting directly with official sources for any updates regarding security, cryptocurrency holders can better protect themselves against these insidious attacks. Meanwhile, bitcoin goes nuclear.