This is about the storage of cyber currency – these things only exist in the digital world so how do you store them?

Normally that is through an online ‘wallet’ where you store the access keys to your currency and those are the only evidence you have of ownership. If the keys are stolen then your cyber currency is also gone.

Most people store the keys on their computer, but some prefer something more secure and choose a hardware wallet e.g. a USB drive with specialised software.

Ledger Nano S claims to be The world’s most popular hardware wallet for cryptocurrency.

Data Breach

Ledger suffered a data breach in 2020 and confidential information on 272,00 customers was released by the hackers.

The hackers included the customers home addresses which puts them at risk of physical attack as some had substantial holdings in cyber currency on their ledger devices.

Phishing Attempts

Ledger users are frequently the targets of phishing attempts. Many scammers go to great lengths to  duplicate the ledger website and Ledger email messages. They try to get the users 24 word recovery phrase which would let them take over the account and hence steal the crypto currency.

Fake Wallets

Following the data breach in 2020, some scammers have created fake Ledger Nano wallets and are sending them out to the list of customers they have from the breach.

These fake wallets look similar to the real ones and have tricked people into ‘upgrading’ free of charge to the latest version. Sadly, these fake wallets steal the private keys needed to take the cyber currency.