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Scammers are targeting Ledger wallet users with a sophisticated phishing campaign involving fraudulent physical letters posing as official company correspondence.

The deceptive letters misuse Ledger’s branding, logo, and official address, urging users to provide their 24-word recovery phrases under the pretext of a “critical security update.” The letters threaten to restrict wallet access if the instructions are not followed.

Crypto Users Warned of Phishing Scam Involving Fake Ledger Letters

Trader Jacob Canfield exposed the scam via a post on the X (formerly Twitter) platform, highlighting the letter’s alarming authenticity.

The fraudulent letter, dated April 4, 2025, instructed recipients to scan a QR code to enter their recovery phrases. The letter falsely claimed that doing this would ensure continued access to the wallet, adding a sense of urgency to the scam.

“Failure to complete this mandatory validation process may result in restricted access to your wallet and funds. This security measure is Imperative to safeguarding the Integrity of our platform and protecting user assets,” the fraudulent letter read.

According to Canfield, this scam likely leverages a major data breach Ledger experienced in July 2020. Hackers leaked the personal information of approximately 272,000 users, including names, phone numbers, and postal addresses. 

This stolen data appears to have enabled scammers to target Ledger users with personalized physical letters, enhancing the perceived legitimacy of the phishing attempt.

Notably, Ledger issued an official response, confirming the letter as a scam. The post emphasized that the company never requests recovery phrases through phone calls, messages, or other mediums.

“Always remember: Ledger will never call, DM, or ask for your 24-word recovery phrase. If someone does, it’s a scam. Stay cautious and keep your crypto safe,” the statement read.

The company urged users to remain vigilant against phishing attempts. Ledger also assured users that its hardware wallets and funds remain secure, as the devices are designed to keep private keys isolated from vulnerabilities.

Notably, the shift to physical mail represents a concerning evolution in crypto scams, which have historically relied on digital channels like email or SMS. 

Canfield highlighted the potential impact on less tech-savvy individuals, particularly elderly users, who may be more vulnerable to such tactics. He requested that Ledger proactively notify its customers through official channels to prevent further exploitation.

The latest scam adds to a long list of fraudulent schemes targeting cryptocurrency users. Recently, an SMS phishing scam targeted several Binance users.

In addition, BeInCrypto reported that fake emails were sent to Gemini users. The email instructed them to withdraw funds to an Exodus wallet. It falsely claimed that Gemini had filed for bankruptcy and even provided a seed phrase. This was an attempt to trick users into compromising their wallets.

The post New Ledger Phishing Scam Uses Fake Letters to Steal Recovery Phrases appeared first on BeInCrypto.

Made in USA coins have delivered a mixed performance in the first week of May, with PENGU, SUI, and RENDER showing very different trajectories. PENGU surged by 107% over the past week, signaling a strong recovery after months of correction.

SUI also impressed, jumping 70% and positioning itself among the largest Made in USA coins. Meanwhile, RENDER struggled to gain traction, underperforming both the broader market and the leading AI coins.

Pudgy Penguins (PENGU)

PENGU was once the leading meme coin on Solana, reaching a peak market cap of $2.9 billion on January 6.

However, after its explosive rise, the token entered a prolonged correction phase, with its market cap falling below the $1 billion mark by January 29.

Since then, PENGU has struggled to regain its previous momentum, reflecting broader cooling interest in meme coins during that period.

Despite the correction, recent price action suggests that sentiment around PENGU may be shifting again.

Over the past seven days, PENGU has surged by 107%, including a gain of more than 16% in just the last 24 hours. PENGU could soon test the $0.011 resistance level if this strong momentum continues.

A break above this point could open the path toward $0.0126, and if bullish pressure remains strong, further targets at $0.0171 and even $0.0223 could come into play — breaking above the $0.020 mark for the first time since January 27.

SUI

SUI has been one of the standout performers among altcoins over the past week, surging 70% and positioning itself just behind Cardano, Solana, and XRP in market cap among the major Made in USA coins.

With such a powerful move quickly, SUI is approaching critical technical levels that could determine whether the rally continues or faces a pullback.

Recently, SUI tested the resistance at $3.73 but failed to break through it. If it manages to test this level again and successfully break above it, the next target would be $4.25, which would also mark SUI’s first time trading above $4 since January 31.

However, if bullish momentum fades, SUI could retrace to test the $3.25 support zone.

Losing this support could lead to a deeper correction toward $2.92 or even $2.51, making the coming price action especially important for assessing whether SUI’s rally can extend further.

RENDER

RENDER has been lagging behind the broader market, posting only a 2% gain over the last seven days, far less than most other major Made in USA coins.

It has also underperformed relative to the top AI-focused tokens, such as TAO, FET, and VIRTUAL, which have shown much stronger momentum.

This lackluster performance suggests that while artificial intelligence narratives continue to gain traction, RENDER has struggled to capture the same level of enthusiasm, raising concerns about its near-term outlook compared to its peers.

Technically, RENDER’s EMA lines are signaling potential weakness, with the possibility of a death cross forming soon.

If the downtrend materializes, RENDER could first test support at $4.25; losing that level could open the door for deeper drops to $3.82, $3.55, and even $3.14.

However, if RENDER manages to regain positive momentum, a rebound toward $4.63 could still be in play.

The post Top 3 Made In USA Coins For The First Week of May appeared first on BeInCrypto.