Ledger, a prominent hardware wallet provider for cryptocurrencies, has issued a warning to its users regarding a new scam targeting XRP holders.

The company recently tweeted about the emergence of a counterfeit version of the Ledger Live app that is being used by malicious actors to gain unauthorized access to users’ digital assets.

This scam is particularly dangerous as it involves scammers posing as genuine Ledger employees and requesting users to share their 24-word recovery phrase.

Some People Have Already Fallen for the Scam

Sadly, many unsuspecting XRP holders have fallen for this trick, which has allowed scammers to gain unrestricted access to their digital coins.

In light of these events, Ledger has issued a cautionary note to its users, urging them to remain vigilant and avoid sharing their recovery phrases with anyone.

As the company emphasized, scammers are increasingly using sophisticated tactics to steal users’ hard-earned digital assets, and it’s important for all crypto enthusiasts to exercise caution and be wary of suspicious requests or offers.

It’s critical for users to keep their cryptocurrencies secure and protect their private keys at all times. As the crypto market continues to grow and attract more users, the risk of scams and fraudulent activities also increases.

Furthermore, Ledger advised XRP holders to always download the Ledger Live app from the official website and not from any third-party sources.

It’s also essential to keep the hardware wallet device’s firmware updated to the latest version, which can help safeguard against potential attacks.

The company also reminded users that it would never ask for their recovery phrase. Therefore, if any individual claiming to be a Ledger employee asks for it, users should immediately report the incident to the company’s customer support team.

Ledger’s warning highlights the importance of taking security measures seriously when it comes to crypto investments. Scammers are continually devising new ways to steal people’s digital assets, making it essential for users to remain cautious.

In the world of crypto, there is no central authority to turn to in case of theft or fraud, making it crucial for users to take proactive steps to protect their investments.

By following the recommended security measures, XRP holders can significantly reduce their risk of falling victim to scams and safeguard their hard-earned digital assets.

To help users identify legitimate messages from the company, Ledger has shared a screenshot of its official Twitter handle and support account.

This information can help users differentiate between real and fake accounts, preventing them from falling for scams.

As the market continues to evolve, it’s vital to remain up-to-date with the latest security measures and best practices to safeguard one’s investments.

The Scammers Have Multiple Targets

In one recent example, hackers managed to compromise the official Twitter account of News 24 and used it to promote a fake giveaway scam.

In the tweet, the scammers claimed that Ripple CEO Brad Garlinghouse was offering a massive 100 million XRP airdrop to Ripple users in appreciation of their support for the project.

The tweet contained a link to a fraudulent website that would drain users’ wallets if they attempted to participate in the giveaway.

The same group of scammers also hacked the Twitter account of the High Commission of India to Malawi to promote the same fraudulent giveaway scam.

It’s not surprising that scammers are targeting XRP investors, as the cryptocurrency is expected to experience a significant price surge if the court rules in favor of Ripple against the Securities and Exchange Commission.

However, investors must remain vigilant and take all necessary precautions to safeguard their digital assets against these types of scams.

Final Thoughts

By staying informed and following best practices for cryptocurrency security, investors can reduce their risk of falling victim to scams and fraud.

It’s critical to verify the authenticity of any giveaway or airdrop offer before participating and to never share your recovery phrase or private keys with anyone.

With the right precautions in place, XRP holders can enjoy the benefits of investing in this exciting and rapidly evolving asset class.