In a recent alert, Ledger Support has warned cryptocurrency users about a new scam involving a fraudulent token named “Ledger” with the ticker “LDG” on the Binance Smart Chain (BSC).
The scam token, visible on BSC’s blockchain explorer, is designed to trap users by allowing them to swap their legitimate cryptocurrencies into it but preventing any form of withdrawal, resulting in the loss of funds.
Exploiting brand trust
The scam operates by exploiting the trust and interest in the well-known cryptocurrency wallet brand.
Users are baited into swapping their genuine digital assets for the fraudulent “LDG” token, which is deceptively named to mirror Ledger’s brand.
Once the swap is completed, the token’s design prevents users from exchanging it back into any other cryptocurrency, effectively locking their funds in a useless asset.
This type of scam, known as a “one-way swap,” is becoming increasingly common on decentralized platforms where tokens can be created and deployed with minimal oversight.
More sophisticated scams
In a related development, the cybersecurity firm SlowMist has reported a separate phishing scam. This scam involved attackers posing as journalists, targeting social media salaries.