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Home Latest News Altcoins 1.1M XRP stolen in phishing scam on crypto wallet Ledger lookalike

1.1M XRP stolen in phishing scam on crypto wallet Ledger lookalike

Crypto scams and attacks are increasing again as the broader sector breaks out of a nearly three-year-long bear market.

The scamming and attaching process usually begins with scammers targeting sites like YouTube, Twitter and Google searches to trap unsuspecting users and create either fake advertisements or fake websites using domains similar to the original one.

As Cryptoslate.com reported, such an attack vector last week saw millions of XRP stolen from a fake Ledger site, with the attackers using a fake domain name and successfully swindling funds. The $1.1 million XRP, stolen from different users, is currently worth more than $280,000, according to CryptoSlate data. As per XRP Forensics, the attackers sent the funds to Bittrex, a crypto exchange that was “unable to seize” or flag the addresses and allowed the attackers to actualize the loot.

Dmytro Volkov, CTO of the international cryptocurrency exchange CEX.IO, told CryptoSlate that such hacking attacks against crypto wallets are usually targeted at the most vulnerable parts. A hack by “social engineering” was infamously seen in July’s outrage at microblogging site Twitter, which saw a 17-year-old teen from Florida target 25 high-profile political and celebrity accounts and initiate a crypto scam.

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