Phishing Scam Steals Millions in Crypto from Ledger Users

A phishing scam targeting Ledger users has resulted in the theft of over $9.5 million in cryptocurrency from more than 50 individuals. The fake app, impersonating Ledger's self-custody software, was available on the Apple App Store for nearly two weeks before being removed. At least three victims lost over $1.95 million each, with one wallet being drained of $3.27 million USDT.

The stolen funds were laundered through KuCoin deposit addresses tied to a centralized mixing service called AudiA6. Musician G. Love, also known as Garrett Dutton, was among the victims, losing 5.92 BTC valued at around $447,000 after accidentally downloading the malicious app from the Apple Store.

KuCoin has reportedly been dealing with an increase in illicit activity on its platform, having faced regulatory issues and fines in recent months. The incident highlights the ongoing risks associated with cryptocurrency storage and the importance of verifying authenticity when using third-party apps.