Crypto Scam Alert: Fraudsters Go Offline to Steal Seed Phrases

The latest scheme involves forged Ledger-branded letters that falsely warn recipients to “validate” their wallets to avoid losing funds. Included is a QR code linked to a phishing site.

BitGo CEO Mike Belshe revealed the scam after receiving one of the letters, which was delivered through USPS. Other users confirmed similar attempts, with some calling it an “alarming escalation in phishing tactics.”

This approach is part of a broader surge in crypto-targeted fraud. In April 2025, over $300 million in Bitcoin was stolen from a senior victim via a call-based phishing operation traced back to a UK-based ring.

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Just weeks later, Coinbase confirmed a serious internal data leak after rogue support contractors shared user information with attackers, who demanded a $20 million ransom.

While Coinbase reported that no private keys were exposed, critics like TechCrunch founder Michael Arrington warned that even minimal data leaks could expose users to physical risks.

These incidents mark a dangerous shift in social engineering, where phishing is no longer limited to inboxes and fake apps—but is now arriving straight to mailboxes.

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