Fraudulent Ledger Live App in Microsoft Store Linked to $768K Cryptocurrency Theft

The cryptocurrency neighborhood confronted a major safety breach when a faux Ledger Reside software, titled “Ledger Reside Web3,” appeared within the Microsoft App Retailer, resulting in substantial monetary losses for unsuspecting customers. Infamous for mimicking the real interface of Ledger’s {hardware} pockets software, this fraudulent software program managed to siphon off a sizeable sum earlier than its removing.

Cryptocurrency investigator ZachXBT first introduced consideration to this rip-off on November 5, 2023, warning customers of the counterfeit software. Evaluation of the transactions to the scammer’s Bitcoin deal with (bc1q…y64q) revealed the theft of roughly 16.8 Bitcoins, amounting to round $588,000, by 38 transactions. Additional scrutiny indicated a further deal with related to the scheme accumulating roughly $180,000 throughout the Ethereum and Binance Good Chain networks.

Microsoft responded by eradicating the misleading software following the uproar. Nonetheless, questions on their app vetting course of and accountability have risen, particularly since it is not the inaugural occasion of such a rip-off. Experiences from victims have intensified the decision for stringent app retailer oversight and highlighted the dangers related to downloading cryptocurrency-related functions from much less stringent sources.

The exercise within the scammer’s pockets commenced with a transaction dated October 24, suggesting a well-orchestrated plan that escalated from November 2. The most important single switch recorded was $81,200 on November 4. Historic knowledge indicated that the fake “Ledger Reside Web3” app was listed on Microsoft’s platform as early as October 19.

This occasion serves as a stark reminder of the risks lurking in seemingly safe app shops and the significance of rigorous due diligence earlier than downloading any monetary administration software program.

Picture supply: Shutterstock



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