Investor Losses Thousands of XRP from Ledger Wallet: Details

An anonymous XRP investor narrates how she lost thousands of XRP from her Ledger wallet despite observing all necessary security measures.

In a recent YouTube video, a female anonymous XRP investor shared her harrowing experience of losing thousands of XRP from her Ledger wallet. The investor underscored the shortcomings of self-custody with Ledger as she shed light on the incident.

She began by expressing her hesitation to talk about cryptocurrencies on her channel but felt compelled to share her encounter. She revealed that her Ledger wallet, which she considered secure and never shared her seed phrase with anyone, was hacked, leading to the loss of thousands of XRP tokens.

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Initial Red Flags

Approximately two weeks before making the video, the investor noticed something amiss when she attempted to check her Ledger wallet’s balance. Surprisingly, she found only 10 XRP in her wallet instead of the substantial amount she had originally held. Concerned, she promptly contacted Ledger’s support team to address the issue.

Despite expressing her doubts about the hacking incident, the Ledger support team initially downplayed her concerns, suggesting it might be a synchronization or update problem. The investor followed their instructions but was not convinced this was the real issue.

The Critical Moment

During this process, the investor’s suspicion grew when the Ledger device immediately prompted her for her PIN code, signaling a potential security breach. Following the protocol, she returned the Ledger device and received a replacement, but her worries persisted.

Upon connecting the new Ledger device to her laptop, the investor was faced with a shocking sight. Instead of her XRP holdings, she saw thousands of XRP tokens transferred to an unfamiliar wallet. Realizing that her assets had been stolen, she immediately contacted Ledger support again to report the theft.

In her video, the investor passionately warned her viewers about the risks associated with using Ledger wallets, alleging that they were not as secure as widely believed. She emphasized the significance of safeguarding the seed phrase and not sharing it with anyone to maintain control over crypto assets.

“I want to warn you, Ledger is not safe,” she alleged. Ledger has not issued any statement on the matter at reporting time, and efforts at reaching them have proven futile. As a result, the real cause of the incident remains uncertain.

She announced her intention to file a police report and involve cybercrime experts to investigate the incident. She also held Ledger accountable, suggesting their security measures were flawed and played a part in the unfortunate incident.

Recall that Ledger came under fire in May for its seed recovery service, which suggested that customers’ seed phrases were backed up. This service triggered concerns, as investors voiced apprehensions that backing up seed phrases implies they could fall into the wrong hands.

Growing Concerns Among XRP Investors

The latest event is one of numerous cases involving hacks within the cryptocurrency space. The XRP community has had its fair share of these occurrences. The recent Atomic Wallet hack resulted in the loss of over 22 million XRP tokens moved on the XRP Ledger.

Prominent individuals in the community have also fallen victim to social media hacks, as bad actors attempt to leverage their social accounts to deceive unsuspecting XRP investors. Pro-XRP attorneys John Deaton and Jeremy Hogan were two of the latest victims.