An XRP holder lost 400,000 tokens overnight after being hit by a phishing email disguised as a routine hardware wallet update, according to one account. Shared by Crypto consultant George Kaltakis.
Late night call on Easter
That panicked call reportedly came at 10pm on Easter night, after the robbery. Kaltikis said the timing alone indicated something was wrong, because calls at that hour rarely brought good news.
The victim had approximately 400,000 XRP stored in a hardware wallet. While on vacation with family, he received an email that appeared to be from Ledger, asking him to update his device. A phishing email disguised as a Ledger update tricked the victim into thinking it was a routine software update, clicking and entering his wallet information.
How the scam worked
The victim lost 400,000 XRP after clicking on a fake software update link overnight, unwittingly handing over the credentials the attackers needed to drain the wallet. Kaltikis noted that phishing attempts have become increasingly convincing in recent years, to the point where even people who work in cybersecurity professionally have described struggling to distinguish between real and fake communications.
Not a complete loss
He still had about 50,000 XRP held safely in a separate secured custodial account, funds that remained untouched because that account required additional verification steps before any transaction was approved, including callback confirmation and voice verification before funds could be transferred.
A broader lesson about self-custody
Kaltakis said the story was not meant to discourage self-incarceration, which he described himself as a strong supporter of. Instead, he said, it demonstrates that self-guarding, while valuable, is not inherently foolproof against sophisticated phishing attempts. A single error, in normal circumstances, by someone simply checking email, would have been enough to result in a significant loss.
The account is one of many similar stories circulating in the cryptocurrency industry, and serves as a reminder to holders of XRP, Bitcoin and other digital assets to check unexpected update requests carefully and consider additional collateral for larger holdings.
Was this writing helpful?
The story ends here
Trust with CoinPedia:
CoinPedia has been providing accurate and timely cryptocurrency and blockchain updates since 2017. All content is created by our expert team of analysts and journalists, following strict editorial guidelines based on EEAT (Expertise, Expertise, Credibility and Trustworthiness). Each article is fact-checked against reputable sources to ensure accuracy, transparency, and reliability. Our review policy ensures unbiased reviews when recommending exchanges, platforms or tools. We strive to provide timely updates on everything cryptocurrency and blockchain, from startups to industry specialties.
Investment Disclaimer:
All opinions and ideas shared represent the author’s own views on current market conditions. Please do your own research before making investment decisions. Neither the writer nor the publication accepts responsibility for your financial choices.
Sponsored and advertisements:
Sponsored content and affiliate links may appear on our site. Ads are clearly labeled, and our editorial content remains completely independent from our advertising partners.
Read upcoming news
