Cryptocurrency Swindlers Utilize Fictitious Ledger Correspondences to Pillage Digital Wallet Data
In the rapidly evolving landscape of cryptocurrency, two significant events have recently made headlines - the Coinbase data breach and the Ledger phishing scams. Despite some indirect links, these incidents are separate and require independent vigilance from crypto users.
The Coinbase data breach, which occurred in May 2025, involved rogue overseas customer support agents leaking sensitive information such as names, addresses, phone numbers, and partially masked Social Security numbers to attackers. The attackers demanded a ransom of $20 million, and following the operation, they sought to extort this sum from Coinbase. However, the company declined the demand, and the perpetrators remain at large [1].
The breach led to scams where attackers sent fake but legitimate-looking hardware wallets to crypto holders, claiming these were patches for compromised old wallets. It is possible that some scammers capitalized on old breaches like Ledger’s 2020 data leak to craft convincing scams affecting Coinbase users [1].
On the other hand, the Ledger phishing scheme continues as a low-tech social engineering scam involving fake official-looking physical letters and emails that trick users into revealing their 24-word seed phrase, leading to theft of all crypto assets stored on the wallets [3]. These phishing scams do not seem to be related directly to the Coinbase breach but share the common theme of convincing victims to surrender sensitive information.
It's essential to note that these threats are separate, with the Coinbase data breach compromising customer information, while the Ledger phishing scheme targets users through counterfeit letters sent via traditional mail [2]. Crypto holders are urged to be vigilant and conduct their own research before taking any actions related to their wallets.
The U.S. Department of Justice (DOJ) has initiated an investigation into the Coinbase data breach incident, and other platforms like Binance and Kraken have successfully thwarted Coinbase-style phishing attacks in the past [2]. In light of these events, it's crucial for crypto users to remain aware and proactive in protecting their assets.
References:
- Coinbase Data Breach: A $20 Million Ransom and Fake Hardware Wallets
- Coinbase Data Breach vs. Ledger Phishing Scams: Separate Threats in the Crypto World
- Ledger Phishing Scams: A Low-Tech Social Engineering Threat
Disclaimer: This article is for informational purposes only and should not be considered as financial advice. Readers are encouraged to consult with a qualified financial adviser before making any investment decisions.
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