Major Crypto Wallet Issues Crucial Warning to Community: Details

Major Crypto Wallet Issues Crucial Warning to Community: Details

The Ledger Wallet team has taken to social media platform

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The Ledger Wallet team has taken to social media platform

Ledger posted a thread on X to explain how this scam works and how not to fall for it.

“Address poisoning scam”

The new type of cryptocurrency scam, which Ledger is sounding the alarm about, is called “address poisoning.” It occurs when a user suddenly sees a mysterious coin or NFT in his wallet, an asset that he had not put there.

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When this happens, the Ledger team warns, you have most likely become the target of this new type of fraudulent attack. When a scammer sends you some coins, this transaction is added to your Ledger Live transaction history and it will appear that you have already sent money to that wallet in the past.

Scammers hope that the wallet owner will mistakenly copy that address from transaction history and use it to send funds instead of a real address. However, they cannot steal any crypto from your wallet if you are vigilant and do not initiate a transaction yourself by signing it to your ledger.

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Guidance on how to avoid problems.

The top tip on how not to fall for an address poisoning scam is simple, according to the Ledger support team; is to ignore the malicious transaction and the wallet attached to it.

It is also important to avoid any suspicious tokens or NFTs sent to you by scammers. A good idea here is to select the token/NFT and then select the “Hide token/NFT collection” option, the Ledger team guides. This will help you avoid accidentally interacting with this fraudulent wallet and prevent it from sending you a transaction.

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