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BTC 
ETH Ledger warns some users to suspend setting up hardware wallets, suspected of causing financial losses through dealer channels.
Ledger, a cryptocurrency hardware wallet manufacturer in Paris, France, recently issued a warning to some customers, recommending postponing setting up newly purchased hardware wallets. The company said on Friday it was investigating a financial loss involving users in Southeast Asia. The users allegedly suffered asset loss after purchasing equipment from a dealer called CryptoBilis.
Ledger issued a statement on its official X (formerly Twitter) support account saying: "As a precautionary consideration and pending the results of the investigation, we have requested CryptoBilis to suspend sales and shipments of all Ledger equipment."
Ledger urges users who have purchased equipment from this dealer within the past 90 days not to set up if they have not yet activated the equipment; if they have already set up, they should consider transferring assets to new Ledger equipment that uses a new seed phrase. The mnemonic is the main backup information that can regenerate the wallet's private key, and it is crucial to ensure its uniqueness and security.
Currently, Ledger has not disclosed the specific reasons for the financial loss or the number of customers affected. Although hardware wallets are designed to keep private keys offline to ensure security, if the device has been tampered with before it reaches the buyer-such as pre-installed with a recovery phrase that the attacker already knows about-it could expose funds. As of now, there is no conclusive evidence that the device itself has been physically tampered with.
The scale of the potential losses is huge, with tracking data showing more than US$86 million.
The amount of losses involved in this incident may be as high as tens of millions of dollars. Anonymous cryptocurrency analyst Specter pointed out that by tracking stolen addresses reported by users on the X and Reddit platforms, they found inflows of funds from hundreds of victim wallets on the Ethereum, Wave Field and Bitcoin networks.
Specter wrote: "The total loss exceeded US$86 million." According to Arkham data shared by the analyst, the cumulative funds in the relevant addresses are nearly US$87 million, including approximately US$42 million in ETH, US$17.6 million in BTC and US$16.5 million in USDT. Ledger has not confirmed this specific number, and it is unclear whether each theft is related to the dealer.
Industry background: The cryptographic security situation is severe
This incident has exacerbated the security challenges faced by the cryptographic industry in the near future. Rival Trezor has also experienced its own security concerns, including incidents such as a leak from a logistics partner last month that exposed customer data and a breach of its mailbox system.
Looking back on the past few months, security crises in the encryption field have occurred frequently:
- Bitget was hacked: Last month, the centralized exchange Bitget was hacked and lost approximately US$387 million. Investigators linked the incident to a North Korean hacker group, and blockchain tracking agencies Chainalysis and Elliptic subsequently traced some of the stolen funds.
- Drift exchange penetrated: It took North Korean hackers six months to infiltrate Drift, a decentralized exchange under the Solana ecosystem, ultimately resulting in a $285 million exploit. Drift subsequently announced a user compensation plan.
- Blockstream Liquid sidechain incident: In September this year, hackers who claimed to be "white hats" extracted US$320 million in Bitcoin from Blockstream's Liquid sidechain and subsequently negotiated with the company.
With the continuous emergence of new threats, users are paying increasing attention to the security of hardware wallet supply chains, and manufacturers will also face more stringent scrutiny on their management of distribution channels.
