- Expert warning on resurgent fake Ledger scams.
- Targeting wealthy crypto investors with counterfeit devices.
- High success rate despite being rare.
In May 2025, SlowMist’s founder Yu Xian issued a warning about the resurgence of a “fake Ledger” scam in the crypto space. This scam targets high-net-worth individuals, employing physical hardware wallet deception.
The recurrence of this scam signifies ongoing threats within cryptocurrency security, particularly affecting assets through fraudulent hardware devices. This issue underscores the importance of caution among investors receiving unexpected hardware.
Fraud Tactics, Market Data, and Expert Strategies
Yu Xian highlighted recent instances of the “fake Ledger” scam, where counterfeit devices were mailed to users, who were then tricked into entering their seed phrases into a fake application. Initial investigations suggest that attackers focus on wealthy cryptocurrency holders for maximum impact.
This scam method isn’t new but resurfaced in a more elaborate form, demonstrating persistent challenges facing cryptocurrency security. SlowMist previously alerted users about similar frauds since 2021, including variants using pre-set mnemonics.
“Physical phishing attacks like the fake Ledger scam might seem rare, but they have a surprisingly high success rate, particularly when targeting high-net-worth individuals who may be less likely to question the authenticity of what appears to be a legitimate hardware wallet.” — Yu Xian, Founder, SlowMist
Market Data and Insights
Did you know? The fake Ledger scam variants, appearing since 2021, mirror other notable crypto attacks like the Curve Finance DNS hijack, showing how fraud methods continue evolving amid technological advancements.
Bitcoin (BTC) trades at $104,766.03, with a market cap of $2.08 trillion and a trading volume rise of 43.93% over 24 hours. BTC’s price has climbed by 23.96% over the past 30 days, showing sustained investor confidence amid ongoing scam issues.
Insight from the Coincu team suggests regulatory measures and stronger security solutions may mitigate such scams. However, constant vigilance is advised as fraudsters adapt rapidly to evolving tech landscapes, underscoring the importance of secure crypto behaviors.
Source: https://coincu.com/338358-fake-ledger-scam-warning/