Lookonchain
Many Ledger users who bought devices from reseller CryptoBillis have reported stolen funds, with losses totaling nearly $90 million. One user, identified as TY24Ya, reportedly deposited 7 million USDT into a Ledger device bought from the reseller three weeks earlier. The full balance was stolen 10 hours ago, according to the seed report, which describes it as possibly the largest individual loss among the victims.
Why it matters
Hardware wallets are designed to keep users' crypto keys offline, but device security also depends on the integrity of the device and its supply chain. The reported incidents raise concerns for people who buy wallets through third-party resellers rather than directly from the manufacturer.
Market impact
The reported losses involve USDT, a stablecoin, rather than a volatile token, but the scale of the alleged theft makes this a security story for the wider crypto market. Users who purchased Ledger devices from CryptoBillis should treat the reports seriously and review their wallet security. The seed does not specify how the funds were taken.
Frequently asked questions
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How much have affected Ledger users reportedly lost?
The reported losses total nearly $90 million among users who bought devices from reseller CryptoBillis.
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What happened to the user identified as TY24Ya?
The user reportedly deposited 7 million USDT into a Ledger device bought from CryptoBillis, and the full balance was later stolen.
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When did TY24Ya reportedly buy the Ledger device?
The user reportedly bought the device three weeks before the 7 million USDT was stolen.
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Why do the reports raise concerns about hardware-wallet resellers?
They highlight that wallet security can depend on the integrity of the device supply chain, as well as on keeping keys offline.
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Which cryptocurrency was involved in the largest reported individual loss?
The reported loss involved 7 million USDT, which the seed describes as possibly the largest individual loss among the victims.
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