Ledger Warns Users of New XRP Scam

Ledger, the manufacturer of Ledger hardware wallet, has sounded an alarm about a new scam targeting its XRP users. The company stated in a tweet that scammers are using a fake Ledger Live app to steal XRP.

🚨 #XRPCommunity , we need to talk about the rise of crypto scams targeting #Ripple holders.

Scammers are using fake Ledger Live apps & posing as Ledger employees to steal your hard-earned $XRP.

Stay vigilant and protect your crypto! Here’s what you need to know👇

— Ledger Support (@Ledger_Support) March 26, 2023

The company did not state how many of its customers have fallen for the scam, nor did it mention how much XRP have been stolen so far. It has however cautioned XRP holders using its wallet to watch out for scammers posing as their support staff.

How the XRP scam works

Bad actors using a fake version of the Ledger Live app reach out to unsuspecting Ledger users. They then ask for their 24-word recovery phrases which they use to steal their XRP right away and even in the future since they have unrestricted access to the recovery phrase.

Generally, crypto users shouldn’t share their private keys with anyone, including genuine support staff of the company. This makes those just entering the crypto space more prone to the attacks since they don’t know much about how the industry operates yet.

Meanwhile, Ledger stated in its tweet that its support staff would never ask any of its users for personal information such as their private keys or recovery phrases. Anyone requesting such information can be safely regarded as a scammer.

Why the interest in XRP?

The Ledger scam is just the latest in a series of scams targeting XRP users. Some of the scammers have hacked the accounts of prominent persons including an Indian state governor, a French politician, and many others this year to sell the scams to their many followers.

Could their interest in XRP suggest that the asset has a bright future? Indeed XRP experienced a rally recently, rising over 10% just a day ago. Analysts say it is on its way to $0.5 price if the trend continues. Interestingly, this is going on in spite of the lingering court case involving the parent company, Ripple.