Hardware wallet manufacturer Ledger has launched an investigation following reports of cryptocurrency thefts linked to hardware wallets sold by its authorized reseller CryptoBilis in Southeast Asia. On Friday, Ledger confirmed that it is examining reports of cryptocurrency thefts affecting users who purchased devices from CryptoBilis in Malaysia. As a precautionary measure, Ledger has urged CryptoBilis to suspend all sales and shipments of products until the investigation is complete.
Additionally, Ledger strongly warned customers who purchased devices from the reseller in the past 90 days not to initialize their wallets. Those who have already activated their wallets are advised to consider transferring their crypto assets to a new Ledger hardware wallet with a new recovery phrase. It is unclear what might have caused the alleged thefts or whether any equipment was compromised. Binance founder Changpeng Zhao (CZ) commented on the incident, suggesting that the thefts might be the result of a supply chain attack involving counterfeit or altered hardware wallets.
According to blockchain investigator Specter, the alleged thefts could have resulted in losses exceeding $86 million. For instance, he stated that hundreds of crypto wallets in the Bitcoin, Ethereum, and Tron networks might have been affected. However, Ledger has not confirmed the alleged amount of losses or even the connection of all incidents to the specific reseller. Ledger has promised to keep the public informed about the progress of the investigation and urged those who might have been affected to contact the company's official support channels.
This material is prepared solely for informational purposes and does not constitute financial advice or a recommendation.