World’s Largest Hardware Wallet Maker Ledger Investigates Wallet-Draining Reports; Onchain Analyst Estimates Losses Above $86M

Ledger, the world’s largest hardware wallet manufacturer, said it is investigating reports of stolen funds involving users in Southeast Asia who purchased devices from reseller CryptoBilis. The company has asked CryptoBilis to pause sales and shipments during the investigation and advised customers who bought devices from the reseller within the past 90 days not to initialize them. Users who have already set up their devices were advised to move assets to a new Ledger signer using a new seed phrase.

Separately, onchain investigator Specter said he traced suspicious addresses receiving funds from hundreds of victim wallets across Ethereum, TRON and Bitcoin, estimating total losses at more than $86 million. The common attack vector has not yet been confirmed, and there is currently no evidence that Ledger hardware wallets or Ledger’s core infrastructure were directly compromised.

CZ said that, based on information available so far, the Ledger wallet thefts appear to be localized to a supply-chain attack involving a single vendor, with a small number of users likely having purchased fake or tampered Ledger devices. He added that BNB ecosystem participants and the broader industry would help trace and recover the stolen funds.

According to MistTrack, Tether is freezing USDT across multiple addresses linked to the Ledger user theft incident. MistTrack said the losses it is currently tracking are approaching $90 million, with several affected users having contacted its team for assistance. — link