A Reddit user who was victimized by a scam Ledger wallet saw her funds sent to a $2.5M XRP whale.
A fraudulent cryptocurrency wallet masquerading as legitimate Google Chrome extensions may be responsible for a scam operation that may have claimed as much as $2.5 million in XRP, according to a report from a Reddit user who claims to have lost roughly $2,500 in XRP to the scam extension over the weekend.
In the post, which was made on March 28, Reddit user ‘Leannekera,’ who also claims to be infected with the coronavirus, wrote that she felt “so embarrassed” after she “watched our xrp transfer from our account to an account that is currently holding over $2.5 million in xrp.”
“This is clearly a large operation,” she wrote.
And indeed, this may be the case--Ledger’s Twitter account warned users of fraudulent Chrome Extensions on March 5.
As of March 24, researchers at xrplorer forensics estimated that one such fraudulent Ledger extension had made off with 1.4 million XRP (worth $235,775 at press time) in March alone.
Leannekera’s story
Leannekera said that sick, and in the isolation of quarantine, she made the decision to consolidate her Cryptocurrencies into Bitcoin as “money is tight,” and she believed that the consolidation would “recoup around 20%” of her and her husband’s losses.
“I recalled the Ledger having a Chrome extension and this is when the scam starts,” she wrote.
The scam was particularly malicious because of steps that hackers may have taken to make it appear to be legitimate: “the only ledger extension on the Chrome store is one by the name of ‘Ledger Wallet’ or ‘Ledger Live,’” she wrote.
“It claims to be from Ledger.com ® or Ledger Official ® and for all intents and purposes looks legitimate. It even had over 70 positive 4-5 star reviews, ranging from ‘Its a little difficult to operate’ to ‘once I understood what to do it was easy.’”
However, the extension then prompted her to enter her wallets’ proprietary seed phrase, which allowed the hackers to take ownership of its private keys and send the XRP to their own wallet.
“The entire process took less than 8 minutes,” she said.
While the exact Chrome Extension she allegedly used is no longer online, Leannekera said that she had “seen it re-uploaded this morning” at the time of the post. Both of the links that she supplied to the alleged scam wallets were dead ends, seeming to indicate that they had been removed from the Chrome Web Store.
However, searching the web store revealed that there is a Ledger Wallet extension still live on the platform, and there are a number of reviews that say that it is a scam. Finance Magnates reached out to Ledger to confirm whether or not the app is associated with the company, but did not immediately hear back. This article will be updated when a response is received.
A fraudulent cryptocurrency wallet masquerading as legitimate Google Chrome extensions may be responsible for a scam operation that may have claimed as much as $2.5 million in XRP, according to a report from a Reddit user who claims to have lost roughly $2,500 in XRP to the scam extension over the weekend.
In the post, which was made on March 28, Reddit user ‘Leannekera,’ who also claims to be infected with the coronavirus, wrote that she felt “so embarrassed” after she “watched our xrp transfer from our account to an account that is currently holding over $2.5 million in xrp.”
“This is clearly a large operation,” she wrote.
And indeed, this may be the case--Ledger’s Twitter account warned users of fraudulent Chrome Extensions on March 5.
As of March 24, researchers at xrplorer forensics estimated that one such fraudulent Ledger extension had made off with 1.4 million XRP (worth $235,775 at press time) in March alone.
Leannekera’s story
Leannekera said that sick, and in the isolation of quarantine, she made the decision to consolidate her Cryptocurrencies into Bitcoin as “money is tight,” and she believed that the consolidation would “recoup around 20%” of her and her husband’s losses.
“I recalled the Ledger having a Chrome extension and this is when the scam starts,” she wrote.
The scam was particularly malicious because of steps that hackers may have taken to make it appear to be legitimate: “the only ledger extension on the Chrome store is one by the name of ‘Ledger Wallet’ or ‘Ledger Live,’” she wrote.
“It claims to be from Ledger.com ® or Ledger Official ® and for all intents and purposes looks legitimate. It even had over 70 positive 4-5 star reviews, ranging from ‘Its a little difficult to operate’ to ‘once I understood what to do it was easy.’”
However, the extension then prompted her to enter her wallets’ proprietary seed phrase, which allowed the hackers to take ownership of its private keys and send the XRP to their own wallet.
“The entire process took less than 8 minutes,” she said.
While the exact Chrome Extension she allegedly used is no longer online, Leannekera said that she had “seen it re-uploaded this morning” at the time of the post. Both of the links that she supplied to the alleged scam wallets were dead ends, seeming to indicate that they had been removed from the Chrome Web Store.
However, searching the web store revealed that there is a Ledger Wallet extension still live on the platform, and there are a number of reviews that say that it is a scam. Finance Magnates reached out to Ledger to confirm whether or not the app is associated with the company, but did not immediately hear back. This article will be updated when a response is received.
Rachel is a self-taught crypto geek and a passionate writer. She believes in the power that the written word has to educate, connect and empower individuals to make positive and powerful financial choices. She is the Podcast Host and a Cryptocurrency Editor at Finance Magnates.
Kraken Announces Partnership to Enhance Crypto Offerings in German Market
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
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#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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