According to a recent statement issued by Tether, the main issuer of a leading stablecoin, a class-action lawsuit against the company and the Bitfinex exchange has been definitively dismissed. The United States District Court for the Southern District of New York rejected the petition filed by Shawn Dolifka, who decided not to appeal the ruling.

If you’re a cryptocurrency holder in Ledger, it’s time to be extra vigilant. Recently, it has been revealed that scammers are targeting users of Ledger, a hardware crypto wallet, in a brazen manner.

Influencer Raising the Alarm

On November 15, Scott Melker, a well-known crypto influencer, shared that one of his followers on a certain platform lost their cryptocurrencies. How? By using a Ledger wallet. What happened? A user, while checking their Ledger Nano S wallet, encountered a synchronization error – API 503 HTTP. This raised their suspicions. They decided to contact Ledger’s technical support, but that’s where things started to get tricky. Unexpectedly, Ledger’s ‘technical office’ contacted them directly. This should have been a red flag. Technical support typically doesn’t respond this quickly.

Impersonated Director in Action

Who reached out? Allegedly, it was the “Director of Technology.” But think about it – when do top executives personally handle such customer issues? Supposedly, this ‘director’ guided them through a process to install a ‘patch’, instructing them to visit a website and enter their device details and passwords. The victim mentioned that there was talk of end-to-end encryption and a need for synchronization. But as it turned out, it was a trap.

Rapid Loss of Cryptocurrencies

Everything happened quickly and under pressure. As a result, within minutes, the user realized that their account on Ledger was completely emptied. So what’s the lesson? The victim fell into the trap, handing over their cryptocurrencies to the scammers. Remember, genuine technical support will never ask for your passwords. The puzzling part is how the scammers took over Ledger’s support channel and impersonated a company director. To understand this, we need to go back to 2020, when there was a breach on Ledger’s server leading to the leakage of client data. It’s possible that other important company data leaked as well. But that remains speculative.

Are you looking to invest in cryptocurrency but don’t know where to start? This article is a must-read for any beginner eager to navigate the world of digital assets.

Cryptocurrency is a digital or virtual currency that uses cryptography to secure transactions and control the creation of new units. About 75% of the time, this cryptographic approach is applied to a cryptocurrency, making it highly secure and resistant to counterfeiting or fraud. Cryptocurrencies are often decentralized networks based on blockchain technology, a distributed ledger enforced by a disparate network of computers, which serve to verify and record all transactions.