WARNING | Young Investor Loses 9.5 BTC in Ledger Live Swap Scheme
A 21-year-old investor has reported losing 9.5 BTC, valued at approximately $1 million, after using Ledger Live's swap feature through the provider, Cripto InterCambio (CIC). Following a transaction on June 22, 2025, he never received the expected USDT, despite adhering to all required procedures.
Background of the Incident
The young investor, who has engaged in crypto investments for years with guidance from his father, believed in the security offered by Ledger Live. Key details of the transaction include:
Swap ID: v1l357dtesyra7ac
BTC TXID: 416625e9c90567dcd831e6beacd87e7f61571bf66aa168b14f7bf0045cbb2b19
Receiving address: bc1qyapkmvtlpdqcmadfgauydeydye70tj2ceczy
Refund address: 3CeZDHZQpTMM9VRCE76EwmRGn53T3gZtzB
"So who is responsible when Ledger sends you to a swap partner that holds your money?" he questioned, showing clear frustration over the lack of accountability.
Accountability Issues and Community Reactions
After submitting his KYC details, the investor states that CIC ceased communication. Ledger's support claimed it had no responsibility, redirecting inquiries back to CIC.
Forum comments highlight skepticism and advice regarding the situation:
"This sub is full of people using Ledger 'ecosystem' swapping services dramas. Use a proper reputable CEX for large amounts."
"Sorry to hear that Cripto Intercambio decided to keep your crypto for themselves. They do have something of a reputation for this."
"KYC checks have become the perfect excuse to steal large amounts of crypto."
Interestingly, some users emphasized the importance of small test transactions:
"If you’re still actively seeking help your transaction appears to be verifiable on-chain. Several of us can assist in analyzing the receiving address and BTC TXID."
"There may still be a path forward. Don't give up—document everything, and let the community help you."
Key Insights from the Community
🔒 Caution Advised: Many users warn against trusting swap integrations within Ledger Live entirely.
👎 Lack of Accountability: Both Ledger Live and CIC have been criticized for not taking responsibility for financial losses.
🔄 Test Transactions Recommended: Users suggested splitting transactions into smaller amounts to mitigate risks.
Looking Ahead in the Crypto Space
This incident has triggered discussions about the need for enhanced regulations among cryptocurrency swaps. Users are rallying for greater accountability from Ledger and its partners to protect investors.
In light of this loss, the young investor is reaching out to journalists and organizations like IC3 for support. Curiously, how can individuals safeguard their investments when dealing with platforms that appear to lack accountability? The community is expected to push for stricter guidelines and protocols going forward.