Ledger Unmasks A New Scam Trick Targeting Crypto And NFT Investors

Updated: 21 June 2024

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Ledger, a crypto hardware wallet company that makes physical cryptocurrency wallets that look similar to USB drives or other storage devices, has found a new crypto scam trickery targeting the crypto and non-fungible token investors. In this article, we shall discuss the new scam trick in-depth and how crypto users can effectively hedge from it.

Ledger Unmasks A New Crypto And NFT Scam Trick

In a June 21 blog post, Ledger revealed and shared a new scam trick targeting crypto and non-fungible token investors. This latest scam trick in the crypto industry is a duped address-poisoning scam that has already left crypto and non-fungible token investors losing hundreds of thousands of dollars worth of digital items.

If you've ever seen a mysterious coin or NFT appear in your wallet – one that you didn't send or ask anyone to send to you – then you may have been the target of an address-poisoning scam.

Want to know how address poisoning scams work and how you can avoid them? Scroll down to… pic.twitter.com/PDa2Fgov1x

— Ledger (@Ledger) June 21, 2024

Founded in 2014, Ledger is a French startup providing uncompromising self-custody solutions for the value revolution. All Ledger crypto wallets are powered by an industry-leading Secure Element chip, together with Ledger’s proprietary OS that protects users crypto and NFTs from sophisticated hacks. Ledger is mainly known for its secure crypto hardware wallets.

In its recent revelation, Ledger has unmasked a new scam trick in the crypto industry, threatening crypto and non-fungible token investors. The address poisoning is a scam where the attacker “poisons” the user’s account by sending them a small amount of crypto or an NFT disguised as a voucher.

In this form of scam, the scammer hopes a crypto user may mistakenly copy their address from their transaction history and send funds to their account instead of a legitimate one. This deceitful transaction will then appear in the crypto user’s Ledger Live transaction history.

According to Ledger, these dummy transactions are meant to deceive users who have previously sent funds to their addresses. But, unless users initiate a transaction to one of these addresses and sign the transaction with your Ledger, no value will be transferred from their account.

How Can Users Avoid The New Address-Poison Scam?

In case crypto users see a suspicious transaction on their account, Ledger advises ignoring the transaction and the attached addresses. Moreover, the company has urged crypto and NFT traders to avoid interacting with the suspicious tokens and NFTs sent to them.

Instead, crypto users should right-click on the suspicious NFT or crypto token and select ‘Hide Token and NFT Collection. This exemplary action will hide the suspicious asset from view so that they won’t accidentally click on it or interact with it while making legitimate transactions.