A new scam using a bogus token called “Ledger” with the ticker “LDG” on the Binance Smart Chain (BSC) has been alerted to cryptocurrency consumers by Ledger Support.
The hoax token, which can be found on BSC’s blockchain explorer, is intended to trick users into exchanging their real cryptocurrency for it while blocking any kind of withdrawal, which causes them to lose money.
Exploiting brand trust
The well-known bitcoin wallet brand’s attention and trust are exploited by the fraud to its advantage.
Users are tricked into exchanging their real digital assets for the fake “LDG” token, which has an illegitimate name intended to mimic Ledger’s trademark.
The token’s architecture locks users’ money in a worthless asset once the exchange is finished, preventing them from trading it back into any other cryptocurrency.
This kind of fraud, called a “one-way swap,” is on the rise on decentralised platforms since tokens can be issued and used with no control.
More sophisticated scams
In similar news, a different phishing fraud has been uncovered by cybersecurity firm SlowMist. Attackers using a fake identity of a journalist targeted social media salaries in this fraud.
Users were duped by the fraudsters into downloading malicious files that included JavaScript code meant to take over accounts.
These JavaScript bookmarks, according to SlowMist’s security team, were a part of a bigger plot to set the stage for more attacks.
