Ledger Investigates $86M Crypto Drain as Reseller Supply-Chain Fears Grow
Key Summary
Ledger is investigating reports of a potential $86 million crypto loss due to a Southeast Asian reseller, CryptoBilis, which is authorized to sell Ledger hardware wallets in Indonesia, Malaysia, and the Philippines. Users are reporting substantial losses, and Ledger has asked CryptoBilis to pause sales and shipments. On-chain researchers estimate that between $72 million and $86 million may have been stolen.
Ledger Investigates $86M Crypto Drain as Reseller Supply-Chain Fears Grow
Background
Ledger, a prominent hardware wallet manufacturer, has launched an investigation into reports of a significant crypto loss. The estimated amount of the loss varies between $72 million and $86 million. On-chain researchers estimate that this amount may have been stolen from users who purchased Ledger hardware wallets from CryptoBilis, a reseller in Southeast Asia. CryptoBilis is listed as an authorized reseller in Indonesia, Malaysia, and the Philippines.
Investigation
Ledger has begun investigating the reports and has asked CryptoBilis to pause all sales and shipments until the matter is resolved. The company has stated that there is no indication that its own infrastructure, systems, or services were compromised. Users are piling on X to complain about substantial losses.
Implications
The investigation into this potential crypto loss highlights supply-chain fears in the industry. As more users report losses, it raises questions about the security and integrity of resellers and their relationships with manufacturers. Ledger's actions demonstrate its commitment to resolving the issue and protecting its customers. The outcome of this investigation will be closely watched by the crypto community.