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Ledger, a manufacturer of hardware crypto wallets, has launched an investigation following reports of $ 86 million in funds being stolen from devices sold through a reseller in Southeast Asia. The company confirmed that it had received complaints from affected users but did not confirm the officially reported amount of losses.
The first signs of the theft appeared on social media. A blockchain researcher going by the handle Specter reported on X that he had tracked down addresses directly linked to fund withdrawals on the Bitcoin, Ethereum, and Tron networks—after seeing complaints from Ledger users on X and Reddit. It remains unclear whether all the reported incidents are connected and exactly how the breach occurred.
The complaints are coming from customers who purchased devices through the reseller CryptoBilis. Pending the investigation, Ledger has asked the reseller to suspend sales and shipments. Customers who have purchased devices in the last 90 days are advised not to activate them. Those who have already set up their wallets are advised to transfer their assets to a new Ledger device with a newly generated recovery phrase.
One of the most likely scenarios is a supply chain attack. In this scenario, an attacker could have tampered with the device before it reached the buyer—for example, by replacing the recovery phrase with one already known to the attacker, thereby gaining access to any funds subsequently deposited into that wallet.
Ledger emphasizes that the investigation pertains exclusively to devices sold through a third-party reseller. There is no evidence that the company’s internal systems or its technology have been compromised. The Paris-based company has sold over 7 million hardware wallets worldwide.
The incident occurred amid escalating security concerns in the crypto market. Just last month, the crypto exchange Bitget lost assets totaling over $ 350 million. Other major hacks this year include Liquid Network (approximately $ 320 million), Drift ($ 295 million), and Kelp ($ 293 million), according to DefiLlama.
Ledger has promised to provide regular updates as the investigation progresses.