Ledger Investigates Fund Theft Related to Southeast Asian Distributors, Affected Amount May Exceed $86 Million

On October 9, cryptocurrency hardware wallet manufacturer Ledger announced it is investigating reports of funds being lost by users in Southeast Asia who purchased devices from distributor CryptoBillis. As a precautionary measure, pending the investigation's conclusion, Ledger has instructed CryptoBillis to suspend all device sales and shipments.

Ledger advises users who purchased devices from the distributor within the past 90 days and have not yet configured them to pause the setup process. For those who have already completed setup, Ledger recommends migrating assets to a new signing device by generating a new seed phrase. Ledger stated that it will continue to provide updates as the investigation progresses.

On-chain detective Specter estimates that more than $86 million in funds has been stolen from hundreds of wallets across the Bitcoin, Ethereum, and TRON networks. Security researcher tanuki42 previously estimated the losses at over $72 million, noting that the figure continues to rise.