Ripple (XRP) holders beware: Ledger warns of a new wave of scams

Updated: 27 March 2023

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Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

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Ledger, the maker of hardware cryptocurrency wallets, has recently used its customer support’s Twitter account to issue a warning to Ripple (XRP) users. According to the tweet published on March 26th, there is a new crypto scam in which scammers use fake Ledger Live apps in order to steal XRP from the Ripple community.

The warning says that scammers are posing as Ledger employees, which is why unsuspecting investors tend to share private information with them. This information later on allows the scammers to steal their XRP coins.

🚨 #XRPCommunity , we need to talk about the rise of crypto scams targeting #Ripple holders.

Scammers are using fake Ledger Live apps & posing as Ledger employees to steal your hard-earned $XRP.

Stay vigilant and protect your crypto! Here's what you need to know👇

— Ledger Support (@Ledger_Support) March 26, 2023

Ledger shares warnings and tips

Starting an entire thread to explain what was happening in detail, Ledger Support said that scammers are developing counterfeit versions of the app to trick users into sharing their 24-word recovery phrases. Ledger used this opportunity to instruct users never to enter their recovery phrases into any app or website and to always use the official Ledger Live app.

Ledger also warned that scammers tend to be the ones who establish contact with users by sending them DMs and identifying themselves as representatives from Ledger Support or similar accounts. With that said Ledger ensured users that it and its employees will never ask for users’ recovery phrases or any other personal information through a DM. Any accounts that do so should be reported and then blocked.

Meanwhile, if users ever require help from the real Ledger Support, they should reach out to it, so that they know who they are reaching out to.

🕵️ Fake Ledger employees: Beware of unsolicited DMs from "Ledger Support" or similar accounts.

Ledger will NEVER ask for your recovery phrase or personal info via DM.

Report and block suspicious accounts. Reach out to the genuine @Ledger_Support account for help. pic.twitter.com/aCVdKtYG7W

— Ledger Support (@Ledger_Support) March 26, 2023

“Your 24-word recovery phrase is your last line of defense against losing your crypto. NEVER create a digital copy (photo, password manager, etc.) or share it with anyone. Anyone with access to your recovery phrase can steal your crypto, even without your Ledger,” the company said.

Ledger did not disclose how many XRP tokens were reported stolen by the scammers until now or even how many users were affected in this latest campaign. Instead, it decided to share tips that would hopefully be of help to less experienced users who might fall for the scam. The tips are meant to help them protect their XRP, as well as other assets.

Just the latest in a long line of XRP scams

Scammers have been trying out several campaigns meant to steal XRP from their owners. Earlier this same month, someone hacked the official Twitter account of News 24, seeking to promote a giveaway scam. Using the hacked account, the attackers said that Brad Garlinghouse, the CEO of Ripple, is offering a 100 million XRP airdrop to all Ripple users in appreciation of their support for the project.

The message was accompanied by a link to a wallet-draining site, and Ripple users were told there in order to participate in the giveaway. Similar offers have been appearing on Twitter for years now, where scammers used fake accounts, impersonating Ripple officials and sharing fake giveaways with links to malicious websites.

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