XRP Investor’s Ledger Wallet Hacked: Security Concerns Raised for Crypto Holders

An unnamed XRP investor has come forward to recount her distressing experience of losing a significant amount of XRP from her Ledger wallet, despite adhering to all recommended security measures.

In a recent YouTube video, an anonymous female XRP investor opened up about the troubling incident she faced with her Ledger wallet. The investor shed light on the limitations of self-custody using Ledger and detailed her unfortunate encounter.

She began by expressing her reservations about discussing cryptocurrencies on her channel but felt compelled to share her story. The investor revealed that her Ledger wallet, which she believed was secure and never shared her seed phrase, was compromised, resulting in the loss of a substantial amount of XRP tokens.

Early Signs of Trouble

Around two weeks before posting the video, the investor became suspicious when she attempted to check her Ledger wallet’s balance. To her surprise, she discovered only 10 XRP in her wallet, a far cry from the significant holdings she had. Worried, she promptly reached out to Ledger’s support team to address the issue.

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Despite her concerns about a potential hack, the Ledger support team initially downplayed the situation, suggesting it might be a synchronization or update problem. The investor followed their instructions, but she remained unconvinced that these were the root causes.

Turning Point

As she navigated this process, her skepticism grew when the Ledger device prompted her for her PIN code unexpectedly, indicating a possible security breach. Following protocol, she exchanged the Ledger device for a replacement, yet her apprehensions lingered.

Upon connecting the new Ledger device to her laptop, the investor was met with a shocking sight. Instead of her XRP holdings, she saw a considerable amount of XRP tokens transferred to an unfamiliar wallet. Realizing her assets had been stolen, she immediately contacted Ledger support once more to report the theft.

In her video, the investor passionately cautioned her audience about the risks associated with using Ledger wallets, asserting that their security might not be as foolproof as widely assumed. She underscored the importance of safeguarding the seed phrase and refraining from sharing it to maintain control over crypto assets.

“I want to emphasize, Ledger is not a secure option,” she asserted. As of now, Ledger has not issued a statement regarding the incident, and attempts to contact them have been unsuccessful, leaving the exact cause of the incident unresolved.

The investor expressed her intention to file a police report and involve cybercrime experts to investigate the matter. She also held Ledger accountable, suggesting that their security measures might have been compromised and played a role in the unfortunate occurrence.

It is worth recalling that in May, Ledger faced criticism for its seed recovery service, which implied that customers’ seed phrases were being backed up. This service raised concerns, as investors feared that backing up seed phrases could potentially expose them to unauthorized access.

Growing Concerns Among XRP Investors
This recent event is just one of several instances involving hacks within the cryptocurrency realm. The XRP community has experienced its share of such incidents. A recent example is the Atomic Wallet hack, which led to the loss of over 22 million XRP tokens from the XRP Ledger.

Notable figures within the community have also fallen prey to social media hacks, as malicious actors seek to exploit their social accounts to deceive unsuspecting XRP investors. Pro-XRP advocates John Deaton and Jeremy Hogan were among the latest victims.