Beware of Address Poisoning Scams: Ledger Warning

  1. The Ledger wallet site has issued a warning against a new scam scheme.
  2. Address poisoning is the name of the scam.
  3. Ledger Live will be updated to reflect the completion of the scam transactions.

Ledger, a powerhouse in the world of hardware wallets, has just released a new blog post that issues a warning to customers about a new sort of fraud known as address poisoning, which targets Ledger users.

Notably, address poisoning is a form of fraud that targets those who utilize cryptocurrencies (including Ledger users). 

A con artist will first “poison” a user`s account by giving them a very tiny (often near-zero) amount of cryptocurrency (usually USDT, MATIC, or TRX) or, in very unusual circumstances, an NFT. This is done in order to obtain users’ private information and get access to their accounts.

The account’s transaction history in Ledger Live will be updated to reflect the completion of that transaction. It’s possible that the con artist may use an address that, at first glance, seems to be extremely similar to the user`s own.

The con artist is now banking on the fact that users will see their email address in their transaction history and, inadvertently, transfer money to the artist`s account.

Scammers commonly make advantage of free source tools like Profanity to create addresses that are supposed to seem like the victim’s own Ledger address.

A con artist with some level of sophistication may be able to create an address in which the first four or five characters and the final four or five characters are identical. When transferring or receiving cryptocurrency with a user`s Ledger device, it is very crucial to examine each and every character.

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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.

programmer & freelance writer