Over the weekend, hackers executed a significant cryptocurrency heist, making off with 16.8 bitcoin (BTC) by exploiting a counterfeit Ledger Live app posted on the Microsoft app store. The theft’s impact broadened as blockchain analyst ZachXBT revealed an additional $180,000 stolen across Ethereum and BNB Smart Chain (BSC), resulting in a total loss of $770,000.
On-chain data analysis uncovered that the hacker engaged in 38 inbound BTC transactions from October 24 to November 5. To cover their tracks, the hacker consolidated these ill-gotten gains and distributed them across numerous wallets.
The fraudulent Ledger Live app, a platform that facilitates access and transactions for Ledger hardware wallet users, was surprisingly allowed into the Microsoft store, raising questions about security measures in place.
This incident further highlights the recent surge in cryptocurrency hacks, likely driven by the soaring asset prices. Just last week, cybercriminals pilfered $4.4 million worth of cryptocurrency from LastPass, a password storage manager, further underscoring the vulnerability of digital assets and the necessity for robust security safeguards.