Fake cryptocurrency wallet applications continue to deceive users despite widespread warnings about seed phrase security. Trezor analyst Lucien Bourdon explains that these scams succeed by creating urgency and fear to pressure victims into revealing their recovery phrases. In August, a fake Trezor Suite app on Google Sites harvested approximately 24 BTC from around 80 deposits, while in April, a fake Ledger Live app on Apple’s Mac App Store stole roughly $9.5 million from about 50 users. AI tools have made creating convincing replicas faster and cheaper, worsening the issue. Bourdon emphasizes that hardware wallet backups should only be entered into the device itself and never typed into a computer or phone, as legitimate services never request this information.
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