Ledger investigates fund losses linked to Southeast Asian reseller, warns users

Ledger Investigates Fund Losses Linked to Southeast Asian Reseller

Investigation Overview

Hardware wallet maker Ledger is investigating reports of cryptocurrency losses involving devices purchased from a Southeast Asian reseller, CryptoBilis. The company has warned users to consider moving their assets to new wallets while the investigation continues. Ledger has asked reseller CryptoBilis to suspend sales and shipments of its devices as a precaution. Customers who purchased devices from the reseller within the past 90 days were advised not to set them up, while those who had already done so were advised to consider transferring their assets to a new Ledger signer with a newly generated recovery phrase.

Suspected Losses

Separately, onchain researchers reported suspected cryptocurrency thefts involving addresses across several blockchains. Researcher tanuki42 identified eight wallet addresses allegedly linked to more than $72 million in losses, while fellow investigator Specter estimated losses exceeding $86 million across Bitcoin, Ethereum and Tron. Ledger has not confirmed either estimate, and the extent of any connection to the CryptoBilis investigation remains unclear.

Response from Ledger

In a statement to Cointelegraph, Ledger said the incident appeared to be isolated to the reseller and affected market, adding that it had received no reports involving devices purchased directly from the company. “Ledger’s infrastructure, systems and services were not compromised,” the company said, adding that its investigation remains ongoing.