Scammers are once again targeting owners of Trezor and Ledger hardware crypto wallets by sending fake letters that look like official correspondence from the companies but are actually designed to steal seed phrases and gain access to wallets.
Trezor and Ledger are the largest hardware wallet manufacturers, and their users worldwide have become targets for fraudsters who exploit data compromised in past leaks.
Cybersecurity expert Dmitry Smilyanets was among the first to report a fake Trezor letter received on February 13.
The letter demands users complete an “authenticity verification” by a set date, or their device will supposedly be restricted. The letter includes a hologram and a QR code that leads to a fake website styled to look like Trezor or Ledger pages. There, users are tricked into entering their wallet recovery phrase — the master key that gives scammers full control over the funds.
The letter allegedly features Ledger CEO Matěj Žák, though in reality, he heads Trezor.
Similar letters were sent to Ledger users as early as October of last year, demanding completion of “mandatory transaction checks.” After entering the seed phrase, it is transmitted to the attacker via an internal API, allowing the wallet to be imported onto another device and emptied. Legitimate hardware wallet manufacturers never ask users to share recovery phrases via websites, email, or physical letters.
Over recent years, both Ledger and Trezor have suffered major data breaches. In January 2024, Trezor disclosed contact information for nearly 66,000 clients.
Ledger also experienced compromised customer data, including physical addresses, creating threats not only to digital assets but also to the personal safety of users. In the past, scammers used fake Ledger Nano devices after the 2020 Ledger data leak, and in 2025, they sent physical letters with QR codes and fake Ledger Live apps to steal seed phrases and empty wallets. Ledger warned users about phishing mail as early as October.
From a behavioral psychology perspective, the return to physical letters shows scammers’ understanding of human cognitive tendencies. A tangible letter with a hologram creates an illusion of legitimacy and increases trust in the content, something much harder to achieve in digital spaces.
The economics of such attacks point to high profitability: mailing a letter costs just a few dollars, while a single stolen wallet can net the scammers thousands of dollars. Physical letters also bypass email security systems and antivirus programs, which cannot analyze physical correspondence.
The key rule for all hardware wallet users remains unchanged: Trezor and Ledger never ask for your seed phrase on a website, in an app, or anywhere else. The recovery phrase is entered only on the device itself when restoring the wallet. Any request to provide it is a sure sign of fraud.
This new wave of phishing attacks serves as a reminder that protecting cryptocurrencies requires constant vigilance, and trust in both physical and digital communication channels must be accompanied by strict adherence to security rules.
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