Ledger Implant Found to Steal $86M in Cryptocurrency Recovery Phrases
Key Summary
Ledger has discovered an LTE implant in some of its hardware wallets that has been stealing 24-word recovery phrases from users, potentially leading to $86 million in losses. The implant reads the phrase off the screen during setup, leaving the Secure Element and its software untouched.
Background
Ledger has discovered an LTE implant in some of its hardware wallets that has been stealing 24-word recovery phrases from users, potentially leading to $86 million in losses. The implant reads the phrase off the screen during setup, leaving the Secure Element and its software untouched.
Impact
The discovery has significant implications for the crypto industry, as it highlights the potential risks of compromised hardware wallets. Ledger has assured users that it is taking steps to rectify the situation and prevent similar incidents in the future.
Response
Ledger has apologized for the incident and is working to provide affected users with solutions to recover their lost recovery phrases. The company has also launched an investigation into the incident and is collaborating with regulatory bodies to ensure that similar incidents are prevented in the future.