Hackers Steal Over $760,000 in Crypto Through Fake Ledger App on Microsoft Store

November 8, 2023 | by b1og.net


Imagine waking up one day, excited to check on your cryptocurrency investments, only to discover that over $760,000 worth of your funds have been stolen. This nightmare scenario became a reality for unsuspecting crypto users who fell victim to a counterfeit Ledger Live application on the Microsoft App Store. The hackers managed to steal a staggering 16.8 bitcoins, equivalent to $588,000, leaving the affected individuals shocked and devastated. As the news of this alarming breach spreads, it serves as a stark reminder for all of us to remain vigilant and cautious when it comes to downloading and using financial applications.

Hackers Steal Over $760,000 in Crypto Through Fake Ledger App on Microsoft Store

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Hackers Steal Over $760,000 in Crypto Through Fake Ledger App on Microsoft Store

A recent incident has put cryptocurrency users at risk as hackers managed to steal over $760,000 through a fake Ledger Live application on the Microsoft App Store. This alarming news was reported by onchain analyst Zachxbt, who revealed that the attack resulted in the theft of more than 16.8 bitcoins, valued at $588,000.


Phony Ledger Live Application Added to Microsoft App Store

The attack involved the addition of a counterfeit Ledger Live application to the official Microsoft App Store. Ledger, a trusted name in the world of cryptocurrency hardware wallets, was unknowingly dragged into this scam. Fortunately, once Microsoft became aware of the situation, they promptly removed the counterfeit software from their applications store.

Microsoft Removes Counterfeit Software

The Microsoft App Store is a platform that users rely on to download and install applications safely. However, in this case, the presence of a phony Ledger Live application exposed cryptocurrency users to considerable risk. Once Microsoft was made aware of the situation, they took swift action and removed the counterfeit software, mitigating further potential damage.

Hackers Make Off with 16.8 Bitcoins

The stolen bitcoins, which were worth $588,000, posed a significant loss for the victims. This incident serves as a stark reminder of the importance of taking caution when dealing with cryptocurrencies. The hackers behind this attack managed to exploit the trust that users placed in the Microsoft App Store, resulting in the loss of a substantial amount of money.

ETH/BSC Address Victim Loses $180,000

Unfortunately, the theft didn’t end with the stolen bitcoins. Another victim, who had an ETH/BSC address, fell victim to the fake Ledger application and lost $180,000. This development raises concerns about the vulnerability of cryptocurrency users on various platforms. With the increasing popularity of cryptocurrencies, it is crucial for app companies to ensure diligent vetting processes to protect their users.

App Companies Lack Diligent Vetting Process

One of the critical factors that contributed to this scam was the lack of diligence in the vetting process implemented by app companies. As highlighted by onchain analyst Zachxbt, app companies need to exercise caution when allowing applications onto their platforms. Failing to do so puts their users at risk and exposes them to potential financial loss.

Similar Instances with Trezor and Apple App Store

This is not the first time a counterfeit app has made its way onto a widely-used app store. Earlier this year, a fake app named “Trezor Wallet Suite” appeared in the Apple App Store, targeting users of the Trezor hardware wallet. This incident resulted in one individual losing his entire bitcoin savings, totaling 17.1 bitcoins. It is troubling to see that scams like this continue to occur, even on reputable platforms.


Devastating Event with Counterfeit Trezor App

The victim of the counterfeit Trezor app attack expressed his frustration towards Apple, feeling that they should have done more to prevent this fraudulent app from being available for download. It is essential for app stores to prioritize the safety and security of their users’ finances. While Apple stated that they take swift action against criminals defrauding users, incidents like these highlight the need for further measures to prevent such violations in the future.

Apple’s Response to App Store Fraud

As the prevalence of app store fraud has become apparent, Apple has reiterated its commitment to addressing these issues. In instances where criminals defraud users, Apple takes swift action against those responsible and works to prevent similar violations in the future. However, it is clear that more work needs to be done to ensure the security of users’ financial assets.

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Imposter Apps in Microsoft, Apple, and Google’s App Stores

The presence of imposter apps on popular app stores, such as Microsoft, Apple, and Google’s, has become a concerning trend. These imposter apps often masquerade as legitimate software, targeting unsuspecting users to gain access to their private keys or login details. To protect themselves, users must exercise vigilance when verifying the legitimacy of an app. This includes checking for any typos, mismatched icons or explanations, and confirming the developer’s contact details.

Ledger Alerts Community to Counterfeit Application

In response to the recent counterfeit Ledger app incident, Ledger’s support team took to Twitter to alert the community about the fake application. They emphasized that the only safe place to download Ledger Live is from their official website and cautioned users to never share their recovery phrase with anyone. Additionally, Ledger promptly alerted Microsoft and the wider community about the presence of the counterfeit application, demonstrating their commitment to user safety.

In conclusion, the recent theft of over $760,000 through a fake Ledger Live application on the Microsoft Store is a reminder of the vulnerabilities that cryptocurrency users face. The incident highlights the need for app companies to implement robust vetting processes to protect their users and prevent fraudulent applications from entering their platforms. Users must also stay vigilant and exercise caution when downloading and using cryptocurrency-related applications to safeguard their financial assets.

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