Ledger Wallet

Experience the pinnacle of security and control with Ledger Live wallet. Safeguard your cryptocurrency portfolio, manage multiple assets, and execute transactions with confidence in this user-friendly

This is how it happens:

The scammer purchases a Ledger wallet (a Ledger Nano S in this instance).
The scammer then inserts a pre-populated recovery seed inside the packaging. An example of this is shown above.
They then repackage it for sale to an unsuspecting customer.
The customer buys the wallet and sets it up with the recovery seed provided.
Funds the user transfers to their Ledger Nano S get stolen. This is possible since the scammer has access to the recovery seed used to set up the wallet.

Precautions to avoid this Ledger wallet scam:

Only buy your Ledger wallet from the source. This means purchasing it from Ledger’s website. What about purchasing them from authorized retailers listed on Ledger’s website? Personally, we would not and would do so only if Ledger does not ship to our location. Also, do not buy them from Amazon as there is the risk of inventory commingling. A benefit of purchasing from the source (ie. Ledger) is that you are assured about the authenticity of your device. If you have doubts about your device’s authenticity, Ledger provides guidance on how to perform the necessary checks.
Avoid buying a second-hand Ledger wallet. You may save some money. But you will always have the lingering doubt at the back of your mind that your device may have been tampered with.
Some sellers also offer Ledger wallets preloaded with Bitcoin. Sellers of these wallets know the recovery phrase to access your funds. Thus, purchasing such wallets is a horrific idea.
Understand that your Ledger wallet “does not include any pre-existing seed words or pin code”. You should always be generating the seed words and pin codes on your own. Your recovery sheet should thus be blank.

Last updated 3 months ago