Musicians Lose Large Sums in Bitcoin due to Scams

A recent case highlights the risks associated with self-custody and the importance of vigilance against scams in the cryptocurrency space.

On a new Apple MacBook Neo, musician Garrett Dutton, known professionally as G. Love, downloaded an app that appeared to be Ledger Live from the App Store. However, the software was malicious and prompted him to enter his seed phrase, leading to the loss of 5.9 BTC worth approximately $420,000.

The stolen funds were routed through nine separate transactions to deposit addresses linked to crypto exchange KuCoin, according to blockchain investigator ZachXBT.