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Ledger hardware wallet owners report receiving fake physical characters designed to reveal wallet seed phrases as part of a new wave of crypto fraud.
On April 29th, tech analyst Jacob Canfield posted a warning to X and shared a scam letter that arrived at his home.
The letter, disguised as an official communication from the ledger, directed to perform a “critical security update” by scanning the QR code and entering a 24-word recovery phrase.
Ledger fraud letter mimics official email with logo and reference number
The professionally designed letter included the Ledger logo, return address and a reference number to lend you reliability.
We warned that failure to complete the “verification” could limit user access to funds. This is a blackmailing tactic to promote action.
The ledger responded directly to Canfield’s posts, confirming that the letter was fraudulent and part of a phishing attempt.
“Ledger never asks for a 24-word recovery phrase,” the company repeatedly advised users not to trust annoying messages or individuals who claim to be representatives of the ledger.
Seed phrases, which are often 12-24 words long, are the most sensitive components of crypto wallets. Anyone with access to them has full control over their assets.
Some community members suspect that the scam was attributed to Ledger’s infamous 2020 data breach when personal information from more than 270,000 customers, including names, emails and home addresses, was leaked online.
The incident was followed by numerous phishing campaigns, including ledger devices that had been tampered with to install malware, which were mailed to the victims.
Recent mail fraud appears to be another tactic aimed at people affected by the violation, showing how long the results of data leaks will remain in the crypto world.
Phishing scams target Coinbase, Gemini users
In March, several crypto users flagged sophisticated phishing emails. This targeted Coinbase and Gemini users with legitimate fraudulent emails.
The massive amount of email reportedly arrived in the inboxes of various users on Saturday. The fraudulent mail pointed to a class action lawsuit against Coinbase, which allegedly involved in unregistered securities, adding that the court requires users to convert their assets into a self-supporting wallet.
Additionally, the email also emphasized that the deadline for transferring user assets to an independent wallet is April 1, 2025.
As reported, in the first three months of 2025, the Crypto Ecosystem lost a whopping $1,635,933,800 in 39 incidents, according to blockchain security platform Immunefi.
The report claims that “Q1 2025 won the worst quarter for hacking in the history of crypto-ecosystems.”
Most of it was only two hacks of two central exchanges. Phemex suffered a loss of $69.1 million in January, while BYBit lost $1.46 billion in February.
The total number of losses in the first quarter has since been an increase of 4.7 times compared to the first quarter of 2024. At the time, hackers and con artists stole $348,251,217.
In particular, experts assume that the infamous North Korean Lazarus group is behind two biggest attacks. They stole $1.52 billion. This is 94% of the total loss.
Crypto scammers go to old school. Ledger users first appeared on Cryptonews.
