Bitcoin
Online Scammer Loses $4.8 Million in Bitcoin to Modified Hardware Wallet
An alleged fraudster had roughly 60 Bitcoin stolen after storing ill-gotten funds on a compromised hardware device.
An online employment scammer lost around 60 Bitcoin, valued at roughly $4.8 million, after transferring the proceeds into compromised hardware wallets that were subsequently drained by another group of attackers, according to an analysis reported in October.
The original fraud involved tricking victims into depositing funds under the promise of earning income through simple online tasks. The perpetrator stored the illicit revenue in wallets linked to Ledger devices, from which the funds were redirected to an address controlled by a separate attacker.
The incident forms part of a broader supply-chain vulnerability affecting hardware wallets distributed via third-party vendors. Investigators noted that while physical modifications to these devices enabled attackers to intercept recovery phrases, there is no evidence that Ledger's own manufacturing systems were compromised.
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