November 7, 2023 at 06:07PM
Microsoft has removed a fraudulent Ledger Live app from its store after users lost $768,000 worth of cryptocurrency assets. The fake app, called Ledger Live Web3, had been in the store since October 19 and started stealing cryptocurrency a few days ago. Despite obvious red flags, the app managed to deceive users before it was taken down. Microsoft says it is continually working to identify and remove malicious content quickly. Although the losses may seem small in comparison to other crypto heists, the simplicity of the scam is noteworthy.
Meeting Takeaways:
1. Microsoft recently removed a fraudulent Ledger Live app from its store after users lost at least $768,000 worth of cryptocurrency.
2. The fake app, called Ledger Live Web3, had been in the Microsoft Store since October 19 but the thefts were only reported a few days ago.
3. The app appeared legitimate at first glance, but there were several red flags, including a copied description and only one five-star rating.
4. It is unclear how many Windows users were affected, but multiple victims have reported losing cryptocurrency after installing the fake app.
5. A second cryptocurrency wallet associated with the scam collected about $180,000.
6. The fake app was present in the Microsoft Store for a few weeks before being discovered.
7. The scammer created a page for the app on the GitBook platform, promoting it as an official Ledger product available through the Microsoft Store.
8. The vetting process for app submissions in the Microsoft Store may need to be more thorough, according to ZachXBT.
9. Microsoft is actively working to identify and remove malicious content from its store.