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According to PANews, recent data from Sentora indicates that over the past week, $1.2 billion worth of Ethereum has been withdrawn from centralized exchanges. This ongoing net outflow trend has intensified since early May, suggesting an increase in Ethereum accumulation in the market while selling pressure diminishes.

The crypto community has just encountered a chilling new twist in the world of online scams, and this time, it’s not online. A new Ledger phishing scam is targeting unsuspecting users through physical letters, posing as legitimate communication from Ledger itself. This alarming shift has raised fresh concerns about crypto security threats in a space already battling phishing emails, fake apps, and shady links.

In this disturbing new method, scammers are mailing fake letters directly to the homes of Ledger users, claiming that a critical security upgrade is needed. Enclosed is a QR code, which, if scanned, leads victims to a website prompting them to enter their seed phrase, the holy grail of crypto wallet access. And once that’s given away, your assets are as good as gone.

What Is This Physical Letter Scam and How Does It Work?

This scam arose from a more well-known data breach of Ledger in 2020, where thousands of users’ info, including addresses, was publicly revealed. The criminals are now using this list to send realistic letters that look like they have been sent directly from Ledger. The letters are printed on high-quality paper, have Ledger branding and logos, and they tell users of a supposed “urgent security issue” that they need to take action on immediately. It informs users to scan a QR Code identical to Ledger’s official page and links to a phishing site. The users are subsequently convinced to enter their 24-word seed phrase, thinking they are upgrading their security, when they are giving up their funds.

Crypto safety isn’t just about passwords. On Paxful or not, don’t scan sketchy QR codes, click unknown links, or rush into anything that feels urgent. Pause, check, and stay secure. https://t.co/kDWWJ36NAv

— Paxful (@paxful) May 1, 2025

Why Is This Ledger Phishing Scam So Dangerous?

Most people are trained to spot digital scams, suspicious of sketchy emails, know better than to click random links, and are cautious about sharing private keys. But very few expect phishing emails to show up in their mailboxes. This Ledger phishing scam works because it preys on trust and fear. Physical letters carry more authority and urgency, especially when branded and worded professionally. The inclusion of a QR code makes it feel modern and secure, but it’s anything but. Moreover, those who received this letter didn’t just randomly get selected; they’re from the Ledger addresses database leak, making the target feel personalized and legitimate.

How Can You Identify and Avoid This Scam?

So, how do you spot a fake? First, Ledger has repeatedly confirmed that they will never ask for your 24-word recovery phrase via email, SMS, or physical mail. That’s your top signal.

Here are more signs that you’re dealing with a scam:

The letter demands urgent action or uses threatening language.

It contains a QR code or a link to an unfamiliar website.

You’re being asked to verify your wallet or enter your seed phrase.

The letter has typos or formatting that feels slightly off.

If you receive such a letter, do not scan the QR code or enter any private details. Instead, report it to Ledger support and discard the mail immediately.

Who Is Most at Risk from This Scam?

This scam is particularly dangerous for less tech-savvy crypto holders, who may have invested in hardware wallets for security but are not familiar with phishing tactics. If you have friends or family members in crypto, now is the time to talk to them about this threat. Many early adopters of hardware wallets like Ledger are long-term holders, often with significant assets, making them prime targets for a seed phrase scam. This isn’t just about individual loss, it’s about community protection. The more people we educate, the fewer wallets will be drained.

What Is Ledger Doing About It?

Ledger has officially acknowledged the issue and confirmed that these letters are not from them. They have posted warnings on their website and social media channels, urging users to stay cautious. The company also reminded users that their recovery phrase should never be shared with anyone, not even Ledger staff. They’re also working on stronger user education efforts and have reportedly informed law enforcement about this physical scam wave. Still, since the breach already exposed user addresses, there’s no telling how many more letters could go out. That’s why vigilance is your first line of defense.

Stay Sharp, Stay Safe

This new evolution in phishing attacks marks a troubling development in crypto security threats and seed phrase scams. The Ledger phishing scam shows that criminals are willing to go the extra mile to steal your crypto. If you’ve received any suspicious physical mail from Ledger, don’t panic, but don’t engage either. Do your research, contact Ledger support, and most importantly, warn your network. Crypto may be digital, but this scam proves threats can be very real and physical. The fight for security isn’t just online anymore; it’s at your doorstep.

The post A New Scam Is Catching Crypto Users Off Guard, and It’s Not Digital appeared first on Coinfomania.

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