Almost $600,000 worth of Bitcoin (BTC) has been stolen from users who unknowingly downloaded a fake Ledger Live application from Microsoft’s app store, according to cryptocurrency researcher ZachXBT. The scam, called “Ledger Live Web3,” tricks users into thinking they are downloading the legitimate Ledger Live interface for storing cryptocurrencies offline on Ledger hardware wallets.
The scammer has received approximately 16.8 BTC, equivalent to $588,000, in 38 transactions using the wallet address “bc1q….y64q,” as reported by Blockchain.com. The scammer has already transferred about $115,200 in two transactions, leaving 13.5 BTC or $473,800 in the wallet.
ZachXBT discovered the scam on November 5 and later mentioned that Microsoft may have removed the fake app from its platform. The first transaction to the scammer’s wallet occurred on October 24, amounting to $5,210. Most of the transactions have taken place since November 2, with the largest transfer of $81,200 occurring on November 4.
It was found that the fake “Ledger Live Web3” application had appeared on Microsoft’s app store as early as October 19. The researcher also received messages from victims on November 4 and argued that Microsoft should be held accountable for allowing the fake app to be available in its store.
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This is not the first time a fake Ledger Live app has infiltrated Microsoft’s app store. Ledger’s support account on X (formerly Twitter) had previously warned users about fake apps in December and March. Ledger has repeatedly emphasized to users that the only safe place to download Ledger Live is from their official website.
In response to the situation, Cointelegraph reached out to Microsoft for comment, but there has been no immediate response.
The incident highlights the ongoing threat of scams and fraudulent applications in the cryptocurrency space. Users must remain vigilant and only download software and applications from trusted sources. As the popularity of cryptocurrencies continues to grow, scammers are finding new ways to exploit unsuspecting users.
It is crucial for users to conduct thorough research and verify the authenticity of any software or application before downloading or using it. By exercising caution and following best practices for online security, users can minimize the risk of falling victim to such scams.
Cryptocurrency companies and platforms also have a responsibility to educate their users and raise awareness about potential scams. Providing clear guidelines and emphasizing the importance of downloading software and applications only from trusted sources can help users protect their funds.
Furthermore, regulatory bodies and technology companies should collaborate to establish stricter guidelines and requirements for application stores and platforms. Implementing more robust verification processes and security measures can help prevent fraudulent applications from being listed and protect users from falling victim to scams.
In conclusion, the theft of almost $600,000 in Bitcoin through a fake Ledger Live application on Microsoft’s app store serves as a reminder of the constant threat of scams in the cryptocurrency space. It is crucial for users to exercise caution, conduct thorough research, and verify the authenticity of any software or application before downloading it. Cryptocurrency companies, regulatory bodies, and technology platforms should work together to raise awareness, establish stricter guidelines, and implement stronger security measures to protect users from these types of scams.
