This week, Binance founder Changpeng Zhao (CZ) raised alarm bells on X (formerly Twitter). He had received a fake message from what appeared to be Ledger’s official Discord account.
The hack message urged users to “verify” their recovery phrases—a phishing scam cleverly disguised as a system alert. The catch? It came from a hacked admin account, not Ledger itself.
The Attack: Familiar Tactics, Fresh Wrapping
The scam followed a now-familiar pattern: gain access to a trusted communication channel and exploit user trust. In this case, a Ledger Discord moderator’s account was compromised. The attacker sent out a fake message claiming a security flaw exposed user data, transaction details, shipping info, and even 24-word recovery phrases. The message urged users to visit a “verification site” and connect their wallets. If followed, it would hand over private keys directly to scammers.
This type of attack, known as social engineering, is a growing threat in crypto. According to Chainalysis, crypto scams netted $1.7 billion in 2023, and phishing remains one of the most effective methods. What makes this particular scam especially dangerous is that it appeared to come from inside the house—from a Ledger admin, not a random stranger. It’s a sobering reminder that even well-established brands with strong reputations can become attack vectors when social media accounts are not properly secured.
Just got this security warning.
Ledger’s Discord admin account was hacked. The scammer falsely claimed a security flaw and urged users to enter their recovery phrases on a phishing site.
Lessons:
1. Never give up your private key recovery phrases no matter who is doing the…— CZ
Lessons for Investors: Trust, but Verify—Carefully
CZ offered two key takeaways: First, never, under any circumstances, give out your recovery phrase. Not to a support team, not to a “verification portal,” and certainly not in response to a Discord message. Second, he warned that social accounts are often the weakest link in a crypto company’s security. A flashy front-end might be locked down, but one compromised login can still bring the whole system to its knees.
Real-world examples of similar breaches are becoming more common. Earlier this year, scammers used fake Arbitrum airdrop links to steal millions. The tactic was nearly identical: exploit trust, inject urgency, and lure users into compromising their keys.
Disclaimer
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