Former Binance CEO Changpeng Zhao has taken to X to share a warning about a cryptocurrency scam linked to Ledger, the popular manufacturer of hardware wallets. 

According to Zhao, the Discord admin account of Ledger was compromised during the weekend. 

The attacker then impersonated the Ledger staff, claiming that there was a vulnerability. 

The scammers falsely stated that the vulnerability threatened users' sensitive data, including their recovery phrases. 

The scam message directed users to a fraudulent website that asked uses to enter their recovery phrases. This, of course, would lead to the loss of their funds.

CZ has warned users against giving up their private key recovery phrases, no matter who is doing the asking. 

He has also noted that the social media accounts of various companies tend to be the weakest link. 

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