Ledger probes device-linked thefts worth tens of millions
Hardware wallet maker scans reseller losses
Ledger is looking into reports of cryptocurrency losses connected to devices sold by CryptoBilis, a reseller operating in Southeast Asia. The company has asked the reseller to stop selling and shipping its products.
Onchain researchers have tracked suspected thefts across several blockchains. One investigator said at least $72 million may be involved, while another put the total above $86 million. Ledger has not confirmed those figures.
What owners should know
- Customers who bought Ledger devices from CryptoBilis in the last 90 days should not set them up.
- People who already set up the devices should consider moving their crypto to a fresh wallet with a newly created recovery phrase.
- CryptoBilis is listed as an authorized Ledger reseller in Indonesia, Malaysia, and the Philippines.
- Devices bought directly from Ledger have not been linked to the losses, the company said.
What Ledger has said
Ledger told Cointelegraph the problem appeared limited to the reseller and the affected region. The company stressed that its own infrastructure, systems, and services were not breached.
Ledger has not yet disclosed how many customers are involved or the total value of the reported losses. It has also not confirmed whether the hardware was tampered with or identified a cause.
Where the money went
Onchain analytics account Onchain Lens reported that wallets linked to the suspected thefts moved around $270,000 in USDT and TRX to Binance. Most of the funds were then sent to a Binance hot wallet.
Binance co-founder Changpeng Zhao suggested the losses could stem from counterfeit or modified devices in a supply chain attack. He called on industry players to help trace and recover the funds.
Researcher observations
Onchain researcher tanuki42 identified eight wallet addresses tied to more than $72 million in alleged losses. Another investigator, Specter, estimated losses above $86 million across Bitcoin, Ethereum, and Tron.
When asked about a direct link between the drains and Ledger devices sold by CryptoBilis, tanuki42 told Cointelegraph it could not confirm the connection with certainty, but noted that all victim reports so far appeared tied to the reseller.
Security Alliance, a crypto safety group, shared the researcher's findings and asked anyone whose funds moved to the flagged addresses to contact its incident response team. It did not provide an independent loss figure or identify a cause.
Why this matters
The case highlights how problems in the resale channel can reach everyday wallet users. Hardware wallets are widely promoted as a way to keep crypto safe offline, so reports of possible device tampering draw attention from anyone storing assets outside exchanges.
For now, Ledger's main guidance is to avoid setting up devices from the reseller and to move existing assets to fresh wallets with new recovery phrases while the investigation continues.
Sources
Newisty Editorial Team covers technology, cryptocurrency, digital products, online platforms, developer tools and the wider digital economy. Our content is researched from official sources, company announcements, public documentation, market data and other primary or reputable sources. Articles are reviewed and edited before publication for clarity, accuracy and useful context.