November 17 2025
Hardware wallet company Ledger has criminals posing as the manufacturer, sending physical letters to cryptocurrency users instructing them to “verify” their wallets to prevent losing access to their funds. This is the latest wave of phishing attacks to hit the sector.
BitGo CEO Mike Belshe shared an image of such a scam letter. This letter contained a QR code, which presumably pointed to a malicious phishing website. Belshe reported that this correspondence was sent via the United States Postal Service (USPS). Another crypto user, Troy Lindsey, warned after receiving the scam letter that these practices are unreliable and one should not fall for them.
This phishing attempt highlights the increasingly sophisticated social engineering techniques designed to steal crypto private keys, user funds, and other sensitive data from unsuspecting victims.
In April 2025, a whopping $330 million was invested Bitcoin (BTC) was stolen from an elderly individual via a phishing attack, as confirmed by onchain detective ZackXBT on April 30. The two suspects, including a Somali man named “Nina/Mo,” are operating out of a call center in Camden, UK. His accomplice, “W0rk,” helped set up the website and make phone calls.
On May 15, crypto exchange Coinbase announced that it had been the target of an extortion attempt. Customer service representatives, who were later fired by the company, leaked user data to criminals. These scammers demanded a $20 million ransom, which Coinbase refused to pay. The leaked data included names, addresses, contact information, and a limited amount of other sensitive account information for a small number of Coinbase customers.
According to Coinbase, no private keys, credentials, or access to Coinbase Prime accounts were compromised in the breach. TechCrunch founder Michael Arrington sharply criticized the exchange for the security flaw, warning that it could lead to physical harm against customers whose data was exposed.
Recent phishing attacks highlight the vulnerabilities within the cryptocurrency sector, where cybercriminals are deploying increasingly sophisticated and persuasive tactics. It is crucial for users to remain vigilant and aware of these threats in order to safeguard their assets.
How can I protect myself from phishing attacks in the crypto sector?
Make sure you always work directly through the official website of your crypto provider. Use two-factor authentication and be careful with unsolicited communications, such as emails or letters asking you to verify information.
What are the signs of a phishing attack?
Signs of a phishing attack may include: unsolicited emails from unknown senders, requests for personal information or rapid action, and unusual or suspicious links or attachments.
Can I get my crypto back if I have been a victim of phishing?
Unfortunately, in most cases, it is very difficult to recover stolen cryptocurrency. It is important to contact the exchange or wallet provider involved and security authorities immediately, although recovery success is usually limited.
Bitcoin (BTC)
Ethereum (ETH)
XRP (XRP)
