Cryptocurrency Holders Warned: New Wave of Deceptive Physical Scams

As 2026 unfolds, cryptocurrency owners face a new threat beyond the digital realm. There has been a dramatic increase in physical scams aimed at owners of hardware wallets, notably those using Ledger and Trezor devices. Scammers have shifted tactics, dispatching falsified letters that appear professional to convince even the savviest users to part with their cryptocurrency assets.

What Are the New Phishing Tactics?

In a sophisticated ruse, criminals have been crafting letters that imitate official Ledger and Trezor communications. These letters, filled with urgency, instruct recipients to act quickly to avoid losing access to their accounts, complete with replica signatures and holographic elements. The forgeries even misuse the name of Trezor’s chief executive, showcasing the extent of deception employed.

Recipients directed by these fraudulent letters are asked to follow a QR code link, which leads them to a counterfeit website that mimics the genuine Ledger or Trezor pages. Here, victims are asked to disclose their sensitive recovery phrases, effectively surrendering wallet control to the scammers who then swiftly drain the accounts.

How Are Data Breaches Compounding the Issue?

The sudden spike in such scams has roots in various past data breaches, revealing not just online profiles but also physical addresses. Notably, breaches at Ledger in 2020 and a recent one involving a third-party payment processor, along with a significant leak from Trezor, have supplied criminals with a wealth of user data. These breaches are providing a fertile ground for the scammers behind these new methods.

SlowMist, a blockchain security firm, released data indicating an alarming loss of $69 million attributed to fraud in the early months of 2026 alone. This includes the emerging threat of letter scams, which join other common hacking tactics. Experts echo urgent calls for discarding mailed documents and distinguishing them from official communications.

“No credible company will ever request your recovery phrase by mail or outside official digital platforms. Any such request is a clear warning sign of fraud,” SlowMist advised.

Hardware wallet manufacturers are actively alerting their customer bases, reiterating the unyielding rule against sharing recovery phrases. These companies emphasize that no real situation would ever require disclosure of this key information via mailed interaction.

Individuals affected by these scams reveal that offering personal data provides criminals a way to bypass technical protections. Despite the physical security expected from hardware wallets, these scams show that trust and personal details remain vulnerable.

With this mix of online and offline threats emerging, users are reminded to extend their cautionary practices to include physical mail verifications. Cross-checking correspondence with the original manufacturers is emphasized as crucial to safeguarding one’s assets.

Efforts to improve user education and enhance data protection measures are critical as these scams continue to target unsuspecting victims, resulting in significant financial losses. The need for better privacy and security provisions is only underscored by these recent events.