How To Recover Stolen Cryptocurrency From Ledger Nano
April 10, 2022
Ledger Nano wallet is the latest version of the Ledger hardware wallet. Ledger wallets are (cold wallet)hardware cryptocurrency wallets made by Ledger, the company headquartered is in Paris, France. Ledger was launched in 2014 by eight experts who had professional backgrounds in embedded security, cryptocurrencies, and entrepreneurship. Ledger is more like a combination of Cold Wallet and Hot Wallet
A cryptocurrency wallet is essentially used to:
- Store your private keys (again, not the actual cryptocurrency itself).
- Prove to the blockchain that you own the cryptocurrency, by cryptographically signing transactions with your private keys.
- Broadcast transactions on your behalf to the blockchain.
This is why having a secure cryptocurrency wallet is so vital to the safety of your digital assets. It all comes down to how easy it is to access and steal private key information from the place you have it stored.
How Ledger Wallet work
Ledger’s hardware wallets are multicurrency wallets that are used for offline storage of cryptocurrency private keys. You need your cryptographic private keys to conduct transactions using cryptocurrency, these keys are generally stored online, however, this makes them susceptible to hacks and theft. Cryptocurrency users have developed an alternative systems for storage, these include mobile wallets, paper wallets and hardware wallets (cold wallets).
Hardware wallets are a form of offline storage. A hardware wallet is a cryptocurrency wallet that stores the user’s private keys (a critical piece of information used to authorize outgoing transactions on the blockchain network) in a secure hardware device. Writing your private key on a piece of paper is a form of cold wallet storage just as hardware wallets are, just more sophisticated.
Hardware wallets like Ledger wallet are known for their strong security system compared to a hot wallet this doesn’t mean that hardware wallets can’t also be compromised. One of the methods used by scammers to gain access to users’ private keys is by sending fake hardware wallets to victims.
How Hardware wallets (Cold Wallet) are hacked
- Fake Hardware Wallet: A fake hardware wallet is a form of hacking that you need to be aware of. Typically, hackers target individuals who are using any type of hardware wallet already, might be Ledger, Trezor and others and convince them to use a modified wallet sent to them.
In the first part of the scheme, the target is sent a package by the scammer with the modified hardware wallet. The package usually includes a note warning the target that their current device is vulnerable or outdated and needs to be replaced with the delivered wallet.
The shipped replacement usually comes with instructions telling the user to plug in the device to a computer and input their crypto wallet recovery key. Once the keys are entered, they are recorded and sent to the hackers, who are then able to unlock the wallet on the blockchain. Accessing the wallet allows them to siphon funds.
It’s important to note that there are no hardware wallet providers that will ask customers for their recovery keys. Moreover, they never ship replacements to customers unless you explicitly ask for one.
- Phishing Scams – Many scammers attempt to trick users into giving them the private keys to their wallets. Ledger, a hardware wallet manufacturer, has a section on their website where they track this kind of activity concerning their devices.
- The $5 Wrench Attack – This sort of threat has to do with someone using physical force to attempt to take control of your crypto.
How to recover funds lost to compromised ledger wallet
Your best option when your wallet is hacked is to hire a private investigator for yourself in the form of a hacker. A hacker can help you go through the software algorithm of the wallet or trace transactions related to your wallet on the blockchain to retrieve both your account and your cryptocurrency in case it has been transferred to another wallet. As stated earlier the hacker will advise you to buy a new hardware wallet from a trusted and verified cold wallet provider to receive your recovered cryptocurrency.
You can find hackers on Cybersploits , a platform that investigates frauds and helps victims recover lost funds. With over 8 years of experience and over 3000 successful recovery cases, Cybersploit is beaming with hackers with enough expertise to trace and recover your cryptocurrencies.
I have been in crypto for about 2 years now and today I had about half a million dollars stolen from me. Be very careful. Do not ever make it easy for someone to scam you. Remember something that happened to me over the weekend: One of my accounts got hacked and they stole all the crypto currency, so they took $500,000 out of my account. I will now go to the police station because I have to report this as a theft but I was refereed to cybersploits for my recovery process.
Prevention is key, and we will continue to strive to create the most secure platform possible. Please be sure to utilize two-factor authentication whenever possible, and never share your mnemonic recovery phrase with anyone. If you believe that someone has hacked into your account, please contact Cybersploits .THEY helped me my friends get back our stolen cryptocurrency.
The way to protect your crypto currency is by diversifying the way you store it. I personally use paper wallets and also keep some on a Nano Ledger S in which I am the only one with access to the private key. If your cryptocurrencies were stolen, please let us know so that we can help warn others and spread awareness about ICO scams. Thanks to Cybersploits for doing a wonderful job.
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The cryptocurrency market is a fast moving, dynamic and exciting place to trade, but it also comes with risks like all markets. No matter how hard we try to secure our assets, no one is ever 100% safe from theft. However, this does not mean that you cannot improve your security practices to protect yourself and your investments. In our previous article on how to manage and protect your cryptocurrency, we talked about why you should use a hardware wallet for your coins and how to set it up properly. But what if someone steals the device? This answer is simple: you have probably lost everything that was stored there. In this article we will explore what happens when someone steals/breaks into your hardware wallet and how much money they can get from it as well as what you can do to recover stolen cryptocurrency if something went wrong during setup or operation of your Trezor or Ledger wallet;
Stolen cryptocurrency is no joke. With the risks involved, you’ll want to treat your funds as if they were your own money. As with any asset, it’s important to keep a record of all transactions. You may also want to consider storing funds in multiple wallets, keeping some on an exchange and others in a hardware wallet or offline cold storage wallet.
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If your cryptocurrency has been stolen, you should contact us immediately. You really don’t want to take any action on your own. By doing so, you could be charged with a crime depending on the circumstances surrounding your theft. With our expertise in fraud and cyber security, we will work with law enforcement as needed to try and recover your lost funds. We can also help you recover from identity theft if your wallet has been hacked or if you’ve been phished into believing that a trusted website is real when it’s not. If there’s any chance of recovering your coins then we’re going to do everything possible to make it happen for you.