Musician G. Love lost almost 6 Bitcoin – worth over $424,000 – after downloading a fake Ledger app from Apple’s Mac App Store. He entered his secret recovery phrase into the app, which was actually malicious software, allowing the thieves to steal his cryptocurrency.
As an analyst, I’ve been following this story, and it appears G. Love, also known as Garrett Dutton, recently shared that he lost access to his Ledger setup while transferring it to a new Apple computer. He detailed the situation in a post on X, dated April 11th.
Bitcoin Theft Highlights Risks of Fake Wallet Apps
He said the problem started when he looked for the Ledger Live app in the App Store. He downloaded what appeared to be the real app and followed the instructions. The app then requested his 24-word recovery phrase, and as soon as he provided it, his Bitcoin was stolen.
Dutton said the stolen funds were part of his retirement savings.
“I lost 5.9 BTC all I had for ten years I worked on this f#ck be careful out there,” he stated.
According to on-chain investigator ZachXBT, the 5.92 BTC that were stolen were sent to addresses known to be associated with KuCoin deposits.
As part of my investigation, I was able to trace the 5.92 BTC that was stolen. My findings indicate the funds were laundered through deposit addresses on Kucoin. Specifically, I identified the following transactions as part of this laundering process: 6f5c8eb6b01774626f33527e0cb03c0d1860447acacd6079e69bf41b459bcf1f and 9ee1288f941b2c3775ebd125eefeebdc713aa160bf2cf9d18661fd07f84ce891.
— ZachXBT (@zachxbt) April 12, 2026
ZachXBT doesn’t believe KuCoin will step in to help recover the lost funds when asked about the possibility.
The investigator claimed KuCoin only pretended to follow the rules when it was convenient for them. They also highlighted KuCoin losing its MiCA license in February 2026 – a mere three months after receiving it – as proof of more significant issues with how the exchange handles compliance.
ZachXBT also pointed out that illegal activities are still happening on the platform, with criminals using stolen accounts. He observed a lack of effective oversight to stop them. The numerous deposit addresses used by the thieves suggest they quickly moved the stolen funds through an instant exchange service.
As a security researcher, I’ve been following the recent warnings from Beau, the head of security at Pudgy Penguins. He’s strongly advising everyone in the crypto space to *never* type their hardware wallet seed phrase into any device connected to the internet – that includes laptops and phones. It’s a critical reminder to protect those sensitive recovery phrases.
Scammers commonly spread fake wallet apps via email, misleading ads, and even regular mail. A security expert advises treating any message asking you to download or update wallet software as a potential scam unless you can confirm it’s legitimate on your own.
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2026-04-12 18:51