May 2025 - Ledger English Teacher encrcne BTC ETH Savings Stolen - $7k (Canada)
Ledger is a French fintech company founded in 2014 by Éric Larchevêque and others, aiming to secure cryptocurrency storage for individuals. Based in Vierzon, it has grown into a global leader in hardware wallets, employing hundreds and achieving "Apple of crypto‑assets" status, with key security certifications like ANSSI’s CSPN and the Common Criteria EAL5+ for its Secure Element chips.
Ledger’s flagship hardware line includes the Nano S Plus, Nano X (Bluetooth‑enabled), Flex, and the design-forward Stax developed with Tony Fadell (co‑designer of the iPod). These cold wallets run on Ledger’s proprietary BOLOS OS, isolating private keys and apps to protect against malware — while managing thousands of tokens via Ledger Live, requiring user approval on-device for every transaction.
Despite its robust protections, Ledger has faced security challenges. In December 2023, a supply‑chain exploit on its Ledger Connect Kit affected some DApps, leading to a prompt fix and a pledge to remove blind‑signing by mid‑2024. More recently, scammers have impersonated Ledger via phishing letters and fake emails attempting to extract users’ seed phrases, prompting Ledger to warn users to never share recovery data.
User's Wallet Address (ethereum): 0xdd5e2f597f543ffa64a882ac7110bb3a6dbaeeb1
Seed phrase was reportedly "written down, placed in a box, and hidden". His Ledger "device, and the seed phrase, have been in a locked drawer in [his] room".
The value of the funds at the time of the loss was around $7,300 CAD. The victim values them at $5,000 CAD.
0.04514520 BTC and 0.17548422 ETH.
The victims appears to have noticed after setting up a new computer to access the Ledger wallet.
They posted online on Reddit to attempt to get community support. Numerous potential theories were prepared.
There is no indication that any funds have been recovered.
Investigation continues and the OP appears to be regularly posting on Reddit.
Further Analysis
Ledger, a French fintech founded in 2014, is a global leader in crypto hardware wallets, known for devices like the Nano X and the Stax, which prioritize security using proprietary BOLOS OS and certified Secure Element chips. A user recently reported a theft of ~$7,300 CAD in BTC and ETH from a Ledger wallet, despite claiming their device and seed phrase were securely stored. The loss was discovered after setting up a new computer, with no signs of recovery yet. The investigation continues, with the user actively engaging the Reddit community for answers.
How Could This Have Been Prevented?
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Sources/Further Reading
encrcne - "I wrote the seed on one piece of paper and kept it hidden in the ledger box right from the start where no one at all would have access to it. Device was purchased directly from ledger. Coins were sitting normally." - Reddit (Dec 31)
jamesnaranja90 - "Look at the receiving address's movements. That's somebody that does that all the time...." - Reddit (Dec 31)
encrcne - "my device, and the seed phrase, have been in a locked drawer in my room. They’ve never been on any computer or NEAR the internet. No one goes in my room apart from my 5 year old child and my wife. Is there any other possibility? Because someone finding the seed or pin in my room is quite literally impossible." - Reddit (Dec 31)
encrcne - "It’s not an office, it’s my house which is alarmed, and 99% of the time only my wife and two young children are here. no one broke in. If they did, they wouldn’t know where to look. No one saw the seed phrase. I can assure you." - Reddit (Dec 31)
azzuro-x - "I've checked the transactions, this seems to be a semi-professional hack (only one intermediary address used before sending the funds to the exchanges). As the others stated the 0.04514520 BTC ended up on Binance (bc1qgzrva028eym96uax90j28qj3aqhh3dy8gk6qvp) while in case of the 0.17548422 ETH they've used a smaller exchange called ChangeNow (0xEbA88149813BEc1cCcccFDb0daCEFaaa5DE94cB1). According to my calculation the total amount is closer to 7k CAD." - Reddit (Dec 31)
encrcne - "Because I live in my house, I know everyone that has been in my house, 99% of my socializing has been outside of my house, my house is alarmed, the nano was in my bedroom (no access) in a closet (even less access) in an area impossible to reach without a ladder…if there was any doubt in my mind, I wouldn’t have come here." - Reddit (Dec 31)
encrcne - "I’ve been doing that the entire time. I haven’t even plugged it in for 6 months prior to the theft." - Reddit (Dec 31)
encrcne - "Not possible. I know, law of averages, but i assure you she is not capable. She wouldn’t know where to begin." - Reddit (Dec 31)
encrcne - "Seed was generated. Purchased direct." - Reddit (Dec 31)
encrcne - "It was a combination of venting and curiosity. I’ve been mocked by about 500 people here, but the ones with empathy have made it worth it. One guy even offered to set up donations, which is well beyond what I expected (or want - I don’t want anyone to think this is a scam in itself). Yeah, we get a pension, but I started late so I have to work until my late 60s. This is the equivalent of about two months salary for me." - Reddit (Dec 31)
encrcne - "No, I’ve touched on this elsewhere but the seed was offline, no photos, never used my phone for transactions (I don’t even think it’s possible without using the desktop app)." - Reddit (Dec 31)
encrcne - "Yes, without question everything was transferred out May 18, but I hadn’t plugged it in over the last year." - Reddit (Dec 31)
encrcne - "It hadn’t been plugged in over 6 months. I purchased direct from Ledger. Will share ETH." - Reddit (Dec 31)
"No. Nothing at all. My Nano sat in a hidden area. Not plugged in for at least 6 months before I discovered the transaction. No funds added since 2021." - Reddit (Dec 31)
encrcne - "Yes, I had the 25th word. No, I didn’t take a photo. No one would have seen the single card I wrote the code down on." - Reddit (Dec 31)
encrcne - "Desktop app. I did use the mobile app for a spell, just to monitor my balances, but that was years ago and I didn’t connect the ledger to my phone." - Reddit (Dec 31)
encrcne - "That computer has been wiped, sadly." - Reddit (Dec 31)
encrcne - "It’s here. No need to put wiped in quotes. It was wiped. All the data is gone as of 6 months ago. I only discovered the loss today because I hooked it up to a new computer. I only back up essential files on an SSD. I don’t use Time Machine." - Reddit (Dec 31)
encrcne - "Negative. It hasn’t been plugged in since mid 2024." - Reddit (Dec 31)
encrcne - "Respectfully, I followed all the rules. I did a ton of research. It still backfired. I can’t undo what happened, so telling me to make better choices isn’t helpful." - Reddit (Dec 31)
encrcne - "So, tampered during production and then they waited 6 years to steal the funds? Could it have been a bot instead?" - Reddit (Dec 31)
0.83 ETH Transferred (By encrcne) - Etherscan (Dec 31)
Transaction Transferring 0.04514520 BTC From encrcne - Blockstream (Dec 31)
encrcne's Wallet Address - Etherscan (Dec 31)
encrcne - "No, my seed phrase was hidden from everyone and my wife wouldn’t even know what to do with it. It’s a very large amount to me. I’m a teacher and I make 50k a year." - Reddit (Dec 31)
encrcne - "THIS is the comment that crosses the line. I would never touch that slop. I type the way I do because I’m an English teacher." - Reddit (Dec 31)
encrcne - "I make $1400 biweekly when I am working. I am currently on parental leave with my baby and taking home a whopping $870 after taxes. As you can imagine, expenses get gobbled up quick. That was a few years worth of saving. We don’t get paid a living wage." - Reddit (Dec 31)
encrcne - "Yes. In Canada. Pay grade varies from province to province. My province is, last I checked, 8th of 12 for salary levels." - Reddit (Dec 31)
Ledger Enterprise - Wikipedia French (Dec 31)
Ledger, le spécialiste français des coffres-forts numériques qui se voit en « Apple des cryptoactifs » (Dec 31)
Ledger Wallet: A Comprehensive Overview of All Models (Dec 31)
Ledger Wallet: Examples of How Crypto Wallets Work (Dec 31)
Tony Fadell Is Trying to Build the iPod of Crypto - Wired (Dec 31)
The crypto hardware wallet Ledger updates the signing procedures. - Cryptonomist (Dec 31)
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