Ledger loss reports stem from panic scams, not tampered devices, says Monahan

Security researcher Taylor Monahan says scammers turned fear from a reseller supply-chain incident into a recovery-phrase phishing campaign The scariest part of the recent Ledger saga may not be the hardware at all. According to security expert Taylor Monahan, most of the fresh loss reports trace back to people who panicked and handed their recovery phrases to scammers. Speaking on the Unchained podcast, Monahan argued that the wave of reported losses reflects fear-driven fraud rather than widespread device tampering. Monahan’s argument is simple. Scammers saw a real security scare unfold and used the resulting anxiety as bait. Worried owners were steered toward fraudulent websites and apps. There, they typed in their 24-word recovery phrases, believing they were protecting their funds.

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