Social Engineering Attack Targets Ledger Users: Hacker Actor Steals Crypto Worth $282 Million

A threat actor successfully executed a coordinated social engineering attack, stealing $282 million worth of crypto assets from victims using hardware wallets. This incident occurred on January 10 at 23:00 UTC, marking a significant escalation in the attack trend targeting crypto users at the beginning of 2026. Blockchain researcher ZachXBT identified that the responsible actor is not from a North Korean threat group but an independent perpetrator employing sophisticated social strategies.

Scale of Losses and Looted Assets

The victim lost 2.05 million Litecoin (LTC) and 1,459 Bitcoin (BTC) in a single attack. The value of these assets was approximately $282 million at the time of the incident. With LTC currently priced at $59.11 and BTC at $77.82K (as of February 1, 2026), the value of the stolen assets continues to fluctuate depending on market movements. The attacker quickly initiated liquidity processes by converting most of their stolen holdings into Monero (XMR), a privacy-focused cryptocurrency.

The massive conversion to Monero created strong buying momentum in the market, resulting in a 70% price surge of XMR within four days after the attack. This strategy demonstrates an in-depth understanding of crypto market dynamics and how large trading volumes can influence prices. The threat actor clearly has experience in protecting stolen assets and minimizing their digital footprint.

Cross-Blockchain Transaction Traces

On-chain analysis shows that some of the stolen Bitcoin was transferred across various public blockchains via Thorchain, a cross-chain protocol facilitating cross-network exchanges. Some funds were later moved to Ethereum, Ripple, and back to Litecoin, creating a complex and hard-to-trace trail. This asset fragmentation technique is a standard method used by experienced threat actors to obscure the origin of funds and evade detection by authorities and trading platforms.

ZachXBT notes that while these cross-chain transfers demonstrate technical sophistication, there is no evidence indicating that the attack involved nation-state actors or organized groups. Threat analysis points toward more decentralized operations that are nonetheless well-coordinated in execution and planning.

Social Engineering: The Main Method of Modern Threat Actors

The social engineering attack used in this incident involves advanced psychological manipulation techniques. The threat actor impersonates a representative of a trusted organization, builds rapport with the victim through structured communication, and gradually gains trust before requesting sensitive information. The victim is then persuaded to send their private keys or other critical login details.

2026 trends show a significant increase in social engineering attacks as the primary vector for threat actors compared to purely technical methods like exploits or malware. This social approach relies on human vulnerabilities rather than system flaws, making it more effective and harder to defend against with technology alone. The combination of trust built through professional impersonation and psychological pressure makes victims more likely to make reckless decisions.

Ledger Data Leak Connection to Actor Attacks

Five days before the large-scale attack, hardware wallet provider Ledger experienced a data leak exposed on January 5. The incident revealed personal user information including full names, email addresses, phone numbers, and other contact data. The leak originated from unauthorized access to third-party systems collaborating with Ledger globally.

The timing between the Ledger data leak and the major social engineering attack suggests a possible correlation. Data leaked from Ledger was likely used by threat actors to conduct more effective social engineering. Having real names, emails, and contact details enables actors to craft highly personalized and convincing messages, increasing the success rate of their social manipulation. Ledger users affected by the data breach became specific targets in this wave of attacks.

Security Implications and Protective Measures

This incident underscores the urgent need to go beyond hardware security and cryptographic technology alone. Even with technically secure wallets, skilled threat actors can access assets through direct manipulation of owners. Users should implement multi-factor authentication, skepticism toward personal information requests, and ongoing security awareness training.

Organizations like Ledger must strengthen data protection protocols and transparency in managing user information. Threat actors will continue exploiting human vulnerabilities as long as personal data remains accessible or purchasable on black markets. Collaboration among wallet providers, trading platforms, and security researchers like ZachXBT is crucial in countering this escalation trend and protecting the crypto ecosystem from evolving threats.