AMLT Crypto Alert of the Week
The Ledger wallet bug
Users send dead crypto to a dead address, what happened?
The other week, one of the largest hardware wallet companies in the world, Ledger, issued a warning that their latest software has a bug which was displaying a static unique address to all their users.
The issue was identified at 9:50 am however, by that time already over 200 ETH was sent to a ‘random’ address (0xc33b16198dd9fb3bb342d8119694f94adfcdca23) by Ledger Nano customers.
Ledger then announced that it does not have access to this account and that it was a bug/glitch which caused the problem. Therefore, the funds sent to this address are lost and cannot be recovered, however Ledger decided to do a refund to anyone who send funds there. In total over 280 ETH and $15k worth of tokens were sent to this address before the bug was fixed.
Below you can see what the AML Risk Report related to the address looked like before it was reported to us through the AMLT Network. Further below you can see what it looks like afterwards.
As we have been unable to find any proof suggesting that this was potentially an internal job or other nefarious action we have marked this address as related to a “Bug” in our platform.
The Coinfirm Platform and AMLT Network continues to be adopted by more entities and available to more of their users, with that the ability to help limit the amount of losses incurred by such bugs improves and further prevents users and companies from taking on potential risk.If you’re interested in partnering with Coinfirm or become a AMLT Network Member then contact us!
AMLT is the token for the AMLT Network and Coinfirm AML/KYC Platform. The first solution allowing the global economy to provide data to fight ransomware, hacking, malware and other online fraud and scams touching the cryptocurrency economy. In return for valid data provided, AMLT Network Members are rewarded in AMLT that can then be used in various ways. Created by Coinfirm, a global leader in regtech for blockchain and cryptocurrency, AMLT not only creates the first system where entities can report addresses and evidence tied to nefarious actors in the economy, but AMLT token can be used for discounted services on the Coinfirm AML/KYC Platform that is already servicing countless ICOs and over 100 companies in both the cryptocurrency and traditional spaces. Network Members also receive privileged access to Coinfirm products such as our tools and panels, the AMLT knowledge pool with exclusive content and materials as well as additional benefits and features, helping them limit exposure to risk and increase transparency for themselves, their clients and the entire digital economy.