Approximately $600,000 worth of Bitcoin (BTC) has been stolen from unsuspecting users who downloaded a fake Ledger Live application on Microsoft’s app store, according to cryptocurrency analyst ZachXBT. The scam, known as “Ledger Live Web3,” tricks users into believing that they are downloading the legitimate “Ledger Live” interface for Ledger hardware wallets, which are used to store cryptocurrency offline.
ZachXBT discovered the scam on November 5th and reported that the scammer had received about 16.8 BTC, equivalent to $588,000, across 38 transactions using the wallet address “bc1q….y64q,” as confirmed by Blockchain.com. However, $115,200 has since been moved out of the scammer’s wallet in two transactions, leaving them with a remaining balance of $473,800 or 13.5 BTC.
In a follow-up post, ZachXBT mentioned that Microsoft may have removed the fake Ledger Live app from its platform. He also noted that the first transaction sent to the scammer’s wallet occurred on October 24th, worth $5,210. Prior to that, the wallet had remained inactive. Most of the transactions took place after November 2nd, with the largest transfer totaling $81,200 on November 4th.
Cointelegraph’s investigation found that the fake Ledger Live Web3 application had appeared on Microsoft’s app store as early as October 19th. ZachXBT received messages from victims on November 4th and argued that Microsoft should take responsibility for allowing the fake app to appear on its platform.
This is not the first time a fake Ledger Live app has surfaced on Microsoft’s app store. In December and March, Ledger’s support account on X (formerly Twitter) warned users about similar scams. They emphasized that the only safe place to download Ledger Live is from the official website, ledger.com.
Ledger has not commented on this particular scam but has consistently advised its users to be cautious and only download their software from the official website. Cointelegraph reached out to Microsoft for a comment, but there has been no response at the time of writing.
Instances like this highlight the continued issue of cryptocurrency scams and the need for users to exercise caution when downloading and using wallet applications. It is crucial to verify the authenticity of any application or website before entering personal information or transferring funds. Education and awareness about the risks associated with cryptocurrencies remain essential in ensuring the security of users’ digital assets.
In conclusion, users should exercise vigilance and rely on official sources when it comes to downloading cryptocurrency-related applications to protect themselves from falling victim to scams.