mirror

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p>In a recent alert, Ledger Support has <a href="https://twitter.com/Ledger_Support/status/1724152755366048035" rel="noopener noreferrer nofollow">warned</a> cryptocurrency users about a new scam involving a fraudulent token named "Ledger" with the ticker "LDG" on the Binance Smart Chain (BSC).&nbsp;</p>
<p>The scam token, visible on BSC's blockchain explorer, is designed to trap users by allowing them to swap their legitimate cryptocurrencies into it but preventing any form of withdrawal, resulting in the loss of funds.</p>
<h2 id="exploiting-brand-trust">Exploiting brand trust&nbsp;</h2>
<p>The scam operates by exploiting the trust and interest in the well-known cryptocurrency wallet brand.&nbsp;</p>
<p>Users are baited into swapping their genuine digital assets for the fraudulent "LDG" token, which is deceptively named to mirror Ledger's brand.&nbsp;</p>
<p>Once the swap is completed, the token's design prevents users from exchanging it back into any other <a href="https://u.today/bitcoin-btc-will-be-much-higher-by-end-of-year-predicts-analyst" rel="noopener noreferrer nofollow">cryptocurrency</a>, effectively locking their funds in a useless asset.&nbsp;</p>
<p>This type of scam, known as a "one-way swap," is becoming increasingly common on decentralized platforms where tokens can be created and deployed with minimal oversight.</p>
<h2 id="more-sophisticated-scams">More sophisticated scams&nbsp;</h2>
<p>In a related development, the cybersecurity firm SlowMist has <a href="https://twitter.com/SlowMist_Team/status/1724136460016611402" rel="noopener noreferrer nofollow">reported</a> a separate phishing scam. This scam involved attackers posing as journalists, targeting social media salaries.&nbsp;</p>
<p>The scammers tricked users into downloading malicious files that contained JavaScript code designed for account hijacking.&nbsp;</p>
<p>SlowMist's security team revealed that these JavaScript bookmarks were part of a larger scheme to lay the groundwork for future attacks.</p>

Ledger Wallet Issues Major Scam Warning

Table of Contents

U_Today

Other articles published on Nov 14, 2023

Bim Afolami Appointed as Economic Secretary to the Treasury, A Key Player in U.K.’s Crypto Future

Binance launches Dual Investment product

Crypto.com Secures VASP Licence in Dubai, Expanding Virtual Asset Services

Nym Community Town Hall Q3 2023 — recap

Celestia (TIA) rises 25% despite decrease in social media buzz

New figures show hardly anyone is using ERC-4337 smart accounts

Join our free newsletter for daily crypto updates!