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. 

The scammers tricked users into downloading malicious files that contained JavaScript code designed for account hijacking. 

SlowMist's security team revealed that these JavaScript bookmarks were part of a larger scheme to lay the groundwork for future attacks.

About the author

Alex Dovbnya

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at [email protected].