The scam was reported by blockchain security analyst ZachXBT on Sunday, resulting in Microsoft removing the fake Ledger Live application to avoid further damage.
Amidst the mainstream adoption of the cryptocurrency market around the world, scams aimed at both novice traders and experienced investors have evolved into sophisticated methods. Over the past two weeks, an old-timey scam occurred via phishing attempts Microsoft Corporation (NASDAQ:MSFT) store, thus robbing investors of approximately 16.8 Bitcoin Price approx $588K. Specifically, the scammer developed a Web3 application that resembled Ledger Live, a crypto wallet built by a Paris-based company, but instead it had access to a backdoor that would allow it to directly siphon off users’ Bitcoins. Was.
According to the description of the fake Ledger Live application, before it was removed by Microsoft over the weekend, the attacker targeted PC users and provided a score of 4.5 based on 16 ratings. The developer used almost identical graphics to the original Ledger Live and assured customers of ultimate security through hardware support.
“Once purchased, your crypto will be instantly sent to your hardware wallet’s secure wallet,” one of the five star ratings noted,
Fake Laser Live app supported NFT, hence luring all types of crypto customers. Specifically, the fake Lager Live app was published on Microsoft’s store on October 20, and allowed users to install it on ten devices, increasing the scammer’s reach. Although the Microsoft team has already removed the fake Ledger Live app from users’ access, experts believe that the Redmond-based tech giant should be held responsible for the lost funds.
Furthermore, the tech company should have put in place proper vetting mechanisms to ensure that application developers are held to the highest standards.
they should be held accountable
– ZachXBT (@zachxbt) 5 November 2023
Ledger and crypto scam
Cryptocurrency scams occurring through the Ledger Network are not new as the company works with high-net-worth investors. As a precautionary measure, Ledger has advised its customers not to interact with links or websites associated with NFTs, which are designed to commit fraud and steal funds. Furthermore, anyone can create their own tokens on different blockchains and copy different crypto projects. As far as the Microsoft Store is concerned, Ledger has been targeted before and customers have been advised to download their products only from the official Ledger website.
🚨Hey #Ledger users
Beware of Fake Ledger Live Apps Published on Microsoft Store
The only safe place to download Ledger Live is our websitehttps://t.co/cDLX1rEWPf
Ledger will never ask you for your 24-word recovery phrase❌
stay safe 🙏 pic.twitter.com/0dXTJ7FeuO
– Ledger Support (@Ledger_Support) 26 December 2022
Ledger has not commented on the recent scandal, which resulted in significant losses, nor has Microsoft made any official statement on the matter. As a result, it is up to crypto investors to cross-check any Web3 links to avoid losses that may never be recovered. Additionally, the cryptocurrency market has become increasingly complex and attackers are using more sophisticated tools to launder stolen funds.

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