Scammers target Ledger users with deceptive letters in new crypto scheme

A dangerous new scam is targeting Ledger users, a popular hardware wallet for storing cryptocurrencies. Uncovered and detailed in an X post by Jack Canfield, scammers target Ledger users with physical letters.

Per Canfield, scammers are sending physical letters to people’s homes, claiming to be from Ledger and exploiting a past data breach that exposed users’ addresses. These fraudulent letters trick users into revealing their “seed phrases.”

A seed phrase in crypto is a set of 12 to 24 random words that gives you full access to your crypto wallet. It’s like a master key—if someone has it, they can control your funds. It’s crucial to keep it safe and private.

Jack stated that the letters falsely warn recipients about a supposed security risk with their Ledger accounts. They urge users to “upgrade” their wallets by following instructions that lead to sharing their seed phrases. In reality, there’s no security issue, and the letters are a ploy to steal valuable crypto assets. 

This scam is particularly alarming because it uses physical mail, which can seem more legitimate than emails or texts, especially to people less familiar with cryptocurrency scams.

Ledger, the company behind the wallets, has confirmed these letters are fake, urging all users to stay cautious and spread the word, especially to friends or family who own crypto but might not be tech-savvy. 

The company explained that scammers frequently impersonate Ledger or its employees, using tactics like fake emails, phone calls, or social media profiles to trick users. The hardware company added that they work hard to report and block these scammers, but it’s tough to stop every attempt, especially since criminals can create new accounts or use bots to spread their schemes across platforms like email or social media.

To protect users, Ledger reminded users that the company will never contact them to ask for a 24-word recovery phrase, whether by phone, direct message, or any other method.

Ledger also reassured users that its hardware wallets are designed with top-tier security. “Ledger devices are purpose-built to keep your assets secure and entirely under your control — always,” they said. 

“We’ve reinforced our systems time and again to meet the highest standards of security in an increasingly connected world.”

For safety, Ledger advises users to ignore and avoid engaging with anyone claiming to be a Ledger employee or offering to help recover lost funds. These are common tricks scammers use to build trust. If you need help or technical support, go directly to Ledger’s official website at support.ledger.com/contact-us to reach the legitimate team.