Singapore Police: Fake Ledger Wallets Cost Users $2.7 Million

The Singapore police reported at least two cases involving counterfeit Ledger hardware wallets: they have been registered since September 10, 2026, with total losses amounting to about 3.5 million Singapore dollars ($2.7 million). Local reports emerged almost a month before the incident became publicly known.

In a notice published on Wednesday, the Singapore police stated: preliminary investigation established the presence of malicious hardware components in Ledger wallets purchased in certain retail stores in Singapore.

The disclosure adds both the local amount of losses and an earlier date of reports to the incident. Publicly, the incident surfaced on October 9 following reports of losses with devices sold through CryptoBilis – an authorized Ledger reseller in Indonesia, Malaysia, and the Philippines.

A few days later, former Mt. Gox CEO Mark Karpeles reported that a spy implant was installed in a Ledger Flex purchased at Singapore airport. Another user claimed to have bought a counterfeit device from local IT retailer Challenger, and later received a new device from Ledger.

On October 13, Ledger asked retailers in Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia, and Hong Kong to suspend sales of Ledger devices until investigations are completed. The Singapore police are in contact with Ledger, which is reviewing the affected cases; the police investigation is ongoing.