How a man's entire retirement fund got drained

[Lontor]

This musical lost almost 6 BTC all because he downloaded a wrong Ledger app on apple store, yes you heard that right, apple store of all app stores, just like some people would say.

Just because it's THE Apple store doesn't mean they are doing everything right, the fake app or wallet had successfully passed Apple store review process easily, like it's genuine.

A man's retirement fund is gone.
This is why it's not worth it trusting anyone else but yourself as a crypto investor.

Do not trust any app store, they don't give you that Bitcoin to keep for free, they don't care about your portfolio, if you make a mistake all your coins will be wiped out. Always download the original app from official link and websites.

https://x.com/i/status/2043453859344118255

[Hypnotizer]

Already an existing topic by coinlary..

Verifiy availability of wallets before downloading from Stores

[DubemIfedigbo001]

Always download the original app from official link and websites.

Please don't just follow any link blindly since it's returned "official link"because it can still be placed by a scammer. Always use the official website instead and you can easily get it's URL by googling it and you'll see from search results which one appears more and go for it, I think asking AI still helps a lot these days.

You can also visit this thread Open Source Hardware Wallets to get genuine links to official sites of recommended hardware wallets.

https://x.com/i/status/2043453859344118255

This is heartbreaking, it's very obvious these sites like Google Play and Apple store doesn't vet apps properly before it gets uploaded on their stores, they're more interested in the business party of it, as long as you pay your subscription, you can upload any rubbish there, too bad

[WhoYouCantKill]

First of… was the person a novice?
With such an amount, the person must’ve understood the importance of self custody. It’s very pitiful to hear how people allow themselves to be manipulated and swindled by these type of third party apps. I always say that one of the major mistakes that most people especially in the crypto space often make paying less attention to their portfolio’s security, and this is usually why a lot of them easily get into the problem losing their funds.

[CryptSafe]

This musical lost almost 6 BTC all because he downloaded a wrong Ledger app on apple store, yes you heard that right, apple store of all app stores, just like some people would say.

Just because it's THE Apple store doesn't mean they are doing everything right, the fake app or wallet had successfully passed Apple store review process easily, like it's genuine.

A man's retirement fund is gone.
This is why it's not worth it trusting anyone else but yourself as a crypto investor.

Do not trust any app store, they don't give you that Bitcoin to keep for free, they don't care about your portfolio, if you make a mistake all your coins will be wiped out. Always download the original app from official link and websites.

https://x.com/i/status/2043453859344118255

You have already been notified by a member of an already existing thread similar to this, so I will advise you to lock this thread and continue the conversation on the other existing thread, so as to avoid spamming the board with similar topics and discussions.

[DYOR+BTC]

This musical lost almost 6 BTC all because he downloaded a wrong Ledger app on apple store, yes you heard that right, apple store of all app stores, just like some people would say.

Just because it's THE Apple store doesn't mean they are doing everything right, the fake app or wallet had successfully passed Apple store review process easily, like it's genuine.

A man's retirement fund is gone.
This is why it's not worth it trusting anyone else but yourself as a crypto investor.

Do not trust any app store, they don't give you that Bitcoin to keep for free, they don't care about your portfolio, if you make a mistake all your coins will be wiped out. Always download the original app from official link and websites.

https://x.com/i/status/2043453859344118255

The apple store we all know is never a bitcoin scam detector tool but a housing place for all applications that passes there test requirements and also an advertising home where applications accessibility can be made easy and possible,  so because that application comes from that home never guarantees hundred percent security to your assets which is a very important reason you should not gamble with your assets. Although I will not blame him because as humans at times we push to get something new but fails to consider its consequences before getting into such horrible adventure.

[JunaidAzizi]

I don't know how he became so careless with such a big amount of 6 BTC, which was his retirement fund. He doesn't even check the app reviews and the ratings. If the reviews are fake, the ratings are fake too. At least the listing date is not fake. You will see how a ledger that has worked for years came to the Apple Store recently. Obviously, they are the scammers who use the same logo and links to trap the crypto holders and get their funds.

[Zoomic]

First of… was the person a novice?
With such an amount, the person must’ve understood the importance of self custody. It’s very pitiful to hear how people allow themselves to be manipulated and swindled by these type of third party apps. I always say that one of the major mistakes that most people especially in the crypto space often make paying less attention to their portfolio’s security, and this is usually why a lot of them easily get into the problem losing their funds.

At the first glance, I also asked the question if the victim was a novice.

But on a second thought, I understand that it can happen to anyone.

I have heard the news of experts losing money in this space. So, when it happens I don't too blame the people.

I remember theymos sending over $1k to a newbie that wanted to pay for an evil fee. Don't know how it happened but I know the mistake was from theymos side. So, it can happen to anyone.

[WhoYouCantKill]

At the first glance, I also asked the question if the victim was a novice.

But on a second thought, I understand that it can happen to anyone.

I have hears the news of experts losing money in this space. So, when it happens I don't too blame the people.

I remember theymos sending over $1k to a newbie that wanted to pay for an evil fee. That know how it happened but I know the mistake was from theymos side. So, it can happen to anyone.

But at least Theymos didn't download some fake wallets and have his $1k drained out of his wallet, so we can’t really say it’s same thing.
Sure mistakes can occur to anyone and at anytime, but there are basically certain mistakes that shouldn’t happen to certain people, especially experienced people, and if the mistakes are just common mistakes. It’s much easier to send funds to a wrong address, than having to download a wallet without actually verifying the wallet, especially if you intend to put a huge amount of funds on that wallet.

[Cricktor]

Nobody seems to ask how funds were stolen. In a Coindesk article, sorry I don't have the link at hand, about this fake Ledger app campaign where about 9 million $$ worth of funds were stolen from various victims, they write that victims entered their mnemonic recovery words into the fake Ledger app.

How stupid is this and what were the victims thinking, if they had any crypto brain cells working?

That may sound arrogant, but if you have 6- to 7-figure $$ equivalent value in your self-custody, you should know the basics of (hardware or software) wallet security and the do's and don'ts.

Seriously, how can someone be so uneducated to not question an app trying to convince you to enter your mnemonic recovery words into a software app on a computer which apparently was also online, otherwise no funds could've been stolen.

When you create a new wallet with a hardware wallet and Ledger specifically, you only get to see and enter the mnemonic recovery words on the hardware wallet itself, not in the software wallet part. When you use the verification Ledger app, you only enter the recovery words on the Ledger hardware wallet. For obvious reasons your recovery words should not touch your online computer which could be already compromised.

And some of the victims had seriously large funds in their wallets. Well, now they are parted from their coins because they ignored basic hardware wallet security rules. Unbelievable!

[sunsilk]

Even with so much money, a lot of investors can still lose all of it when they're not aware about how these scammers can drain their money through the fake apps.

Always go to the official website of the hardware wallet that you own. We cannot blame the victim, his entire fund has been sucked already by the hacker.

It's a big mistake and an expensive lesson that he's learned already. With google playstore or apple's app store, everyone can be a victim of this kind of style if you are negligent.

[Zoomic]

At the first glance, I also asked the question if the victim was a novice.

But on a second thought, I understand that it can happen to anyone.

I have hears the news of experts losing money in this space. So, when it happens I don't too blame the people.

I remember theymos sending over $1k to a newbie that wanted to pay for an evil fee. That know how it happened but I know the mistake was from theymos side. So, it can happen to anyone.

But at least Theymos didn't download some fake wallets and have his $1k drained out of his wallet, so we can’t really say it’s same thing.
Sure mistakes can occur to anyone and at anytime, but there are basically certain mistakes that shouldn’t happen to certain people, especially experienced people, and if the mistakes are just common mistakes. It’s much easier to send funds to a wrong address, than having to download a wallet without actually verifying the wallet, especially if you intend to put a huge amount of funds on that wallet.

I didn't say it was the same mistake as theymos, but I was just telling you that anyone can make that mistake. Apart from theymos, I have read a news of an expert that lost $50M through a video conference call.

It just happens, no matter the process but since we are here, people will be losing money. But then, it is important to know the basic security tips and apply them. It is advisable to only download wallets from the official website.

[Cookdata]

Even with so much money, a lot of investors can still lose all of it when they're not aware about how these scammers can drain their money through the fake apps.

Always go to the official website of the hardware wallet that you own. We cannot blame the victim, his entire fund has been sucked already by the hacker.

I don't think there is any lesson to be learn here. He had a hardware wallet which was the best step but it seems everything he learned, every warning he had wasn't enough. It's only a daft person that will buy a hardware wallet and import the seed phrase into a fake software wallet. Even if the software wallet is legit and he import seed phrase to hot wallet, he doesn't know anything about Bitcoin storage, he would have lost the Bitcoin a long time a go if not for the hardware wallet he bought but long last, he lost everything.

There are many ways he could have connect his hardware wallet to any software and this would have still work 100% but I will assumed the victim doesn't have know anything from beginning. He self learned and didn't made any mistake all this while until this happened recently.

It's a big mistake and an expensive lesson that he's learned already. With google playstore or apple's app store, everyone can be a victim of this kind of style if you are negligent.

Not a only that, some hardware wallets has distributors, it's good to verify the vendor before you buy a tempered hardware wallet from any of the suppliers.

[sunsilk]

Even with so much money, a lot of investors can still lose all of it when they're not aware about how these scammers can drain their money through the fake apps.

Always go to the official website of the hardware wallet that you own. We cannot blame the victim, his entire fund has been sucked already by the hacker.

I don't think there is any lesson to be learn here. He had a hardware wallet which was the best step but it seems everything he learned, every warning he had wasn't enough. It's only a daft person that will buy a hardware wallet and import the seed phrase into a fake software wallet. Even if the software wallet is legit and he import seed phrase to hot wallet, he doesn't know anything about Bitcoin storage, he would have lost the Bitcoin a long time a go if not for the hardware wallet he bought but long last, he lost everything.

There are many ways he could have connect his hardware wallet to any software and this would have still work 100% but I will assumed the victim doesn't have know anything from beginning. He self learned and didn't made any mistake all this while until this happened recently.

There's still, that anyone needs to be vigilant and don't rely too much on these app stores or where they are downloading the software of their hardware wallet.

It needs to be done on the official website. And before importing their seeds, they need to verify for how many times just to be sure.

It's a big mistake and an expensive lesson that he's learned already. With google playstore or apple's app store, everyone can be a victim of this kind of style if you are negligent.

Not a only that, some hardware wallets has distributors, it's good to verify the vendor before you buy a tempered hardware wallet from any of the suppliers.

I agree, there are lists of verified distributors or vendors for each country that can be checked on the official manufacturers website.