ZachXBT Traces Multi-Million Crypto Scam to Fake Ledger Live iOS App

ZachXBT traces multi-million crypto scam to a fake Ledger Live iOS app, allegedly stealing over $9.5 million from 50 victims. The primary keyword is zachxbt traces multimillion crypto scam.

Introduction to the Scam

The fake Ledger Live application on Apple’s App Store allegedly stole more than $9.5 million from over 50 victims in just one week, according to onchain investigator ZachXBT. The reported losses stretched across Bitcoin, EVM chains, Tron, Solana, and Ripple between April 7 and April 13.

ZachXBT's Investigation and Findings

Key Facts and Numbers

• $9.5 million stolen from over 50 victims
• 3 biggest reported losses: $3.23 million in USDT, $2.079 million in USDC, and $1.95 million in mixed crypto
• 150+ KuCoin deposit addresses linked to laundering

ZachXBT linked the laundering to 150+ KuCoin deposit addresses and said Apple removed the app after the fraudulent application had already been listed for several days on the App Store.

Impact and Implications

The alleged losses were not small, scattered thefts. One victim reportedly lost $3.23 million in USDT on April 9. Another lost $2.079 million in USDC on April 11. A third lost $1.95 million on April 8, including 20.64 BTC, 211 stETH, and 70 ETH.

Key Takeaways

• The fake Ledger Live iOS app stole over $9.5 million from 50 victims in one week
• ZachXBT's investigation linked the laundering to 150+ KuCoin deposit addresses
• The incident highlights the need for exchange controls and KYC enforcement
• Users should be cautious when downloading apps, even from official marketplaces

Frequently Asked Questions

What is the primary keyword for this article?

The primary keyword is zachxbt traces multimillion crypto scam.

How much was stolen in the scam?

Over $9.5 million was stolen from 50 victims in one week.