TheBlock
Ledger is investigating reports of funds drained from users in Southeast Asia who bought devices through CryptoBilis, an official reseller in Indonesia, Malaysia and the Philippines. One onchain researcher estimated losses above $86 million, while another traced more than $72 million to suspected theft addresses. Neither figure has been independently confirmed, and it is unclear whether the estimates cover the same transactions.
Ledger asked CryptoBilis to pause sales and shipments during the investigation. The company also advised customers who bought from the reseller in the last 90 days not to set up an unactivated device. Users who have already set one up were advised to consider moving assets to a new Ledger signer with a new seed.
Why it matters
The suspected losses put supply-chain security in focus: a hardware wallet is designed to keep private keys offline, but buyers still depend on the integrity of the device and its distribution channel. The cause of the reported drains has not been established, and the number of affected wallets remains unknown.
Former Mt. Gox CEO Mark Karpeles said the reports could be connected to an issue he was investigating and asked affected users to send pictures of device circuit boards to check for possible tampering. Binance co-founder Changpeng Zhao said available information pointed to a possible supply-chain attack involving one vendor, while stressing that self-custody carries added responsibility.
Market impact
Researchers traced suspected funds across Bitcoin, Ethereum and Tron addresses. One said more than $72 million had moved to suspected theft addresses; another later put the estimate above $86 million and clarified that the affected-wallet count was not known.
Ledger's investigation and the pause on reseller sales are the immediate response. The key unresolved questions are how the devices or accounts were compromised, how many users were affected, and whether any funds can be recovered. Ledger recommended that users contact support and follow its updates.
Frequently asked questions
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How much has reportedly been lost in the Ledger-linked wallet drains?
Researchers gave estimates above $72 million and $86 million. The figures have not been independently confirmed, and it is unclear whether they cover the same transactions.
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What did Ledger advise recent CryptoBilis buyers to do?
Ledger advised buyers from the last 90 days not to set up an unactivated device. Those who already set one up were told to consider moving assets to a new Ledger signer with a new seed.
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Has the cause of the reported wallet drains been confirmed?
No. Ledger is investigating, and the cause remains unclear. Binance co-founder Changpeng Zhao said available information suggested a possible supply-chain attack involving one vendor.
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How many wallets are known to be affected?
The number of affected wallets is not known. A researcher who initially referred to hundreds of victim wallets later clarified that the actual count had not been established.
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Which networks were linked to the suspected stolen funds?
Researchers traced suspected funds to addresses on Bitcoin, Ethereum and Tron. One researcher said more than $72 million had moved to suspected theft addresses.
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