Caution: A New Type of Cryptocurrency Scam Has Emerged – Here Are the Precautions to Take

Blockchain security firm SlowMist’s security director, 23pds, warned investors about a new cryptocurrency scam disguised as a cold wallet in a statement he made on social media platform X.

In this type of scam that has emerged recently, malicious people impersonate official institutions and make posts that give the impression of an “official giveaway” on the X platform. These posts claim that popular hardware wallets like Ledger are being distributed for free. To increase credibility, scammers send physical devices that look really “new and sealed.”

But experts say the real danger lies in the device itself or in the “startup guide” that comes with it. These wallets could have been tampered with in advance, or users could be tricked into sharing their recovery phrases (mnemonics) through social engineering methods.

SlowMist emphasized that such “free money” opportunities could actually lead users to suffer huge losses, putting millions of dollars worth of assets at risk.

Therefore, wallets should only be purchased from official sources and third-party software should not be allowed in the installation process.

*This is not investment advice.

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