Ledger is investigating reports that customers in Southeast Asia lost funds after buying its hardware wallets from Malaysian reseller CryptoBilis. The company has told buyers who purchased devices from the vendor during the past 90 days not to set them up, while asking the reseller to halt sales and shipments.
What Ledger told customers
The Paris-based hardware-wallet manufacturer said the reports concern products sold by CryptoBilis, a Kuala Lumpur-based vendor according to the reseller’s website. Ledger did not disclose the total amount lost. Blockchain investigator Specter said on X that he had traced addresses linked to the reported thefts after reviewing social-media posts, with losses exceeding $86 million.
Ledger’s support account said it was investigating the reports and advised customers who had bought devices from CryptoBilis within the previous 90 days not to initialize them. For customers who have already set up a device, Ledger said they should consider transferring their assets to a new Ledger signer using a new seed.
A seed, or seed phrase, is the sequence of words used to recover a crypto wallet and control the assets associated with it. Generating a new seed is therefore a central part of moving funds to a different wallet setup when the security of an existing device or recovery process is in question.
Scope of the incident remains under investigation
In a statement to Bitcoin Magazine, Ledger said the information available so far indicated that the incident was limited to CryptoBilis and the specific market in which it operated. The company said it had received no reports involving products purchased directly from Ledger and that its own infrastructure, systems and services had not been compromised.
Ledger also said it had asked CryptoBilis to pause all sales and shipments of Ledger products. CryptoBilis did not immediately respond to questions from Bitcoin Magazine. The original reporting was published by Bitcoin Magazine.
The precise mechanism behind the reported losses has not been established in the material released so far. That distinction is important because hardware wallets are designed to keep the private credentials used to authorize transactions separate from internet-connected systems; however, the security of a device can also depend on how it is sourced, initialized and supported.
A wider run of crypto security incidents
The reports add to a difficult year for crypto-wallet users. In July, hackers stole close to $120 million in bitcoin from users of Coldcard devices, made by Canadian company Coinkite. A firmware bug caused faulty seed generation, allowing attackers to effectively guess seed phrases, while Galaxy Research said multiple attackers later exploited the flaw independently.
Trezor separately reported last month that details belonging to nearly 81,000 customers had been exposed after its third-party fulfillment partner suffered a data theft. Ledger customers have also been targeted by phishing campaigns after criminals obtained information through payment processor Global-e.
Moneyiar market picture
Moneyiar data at 11:59 a.m. on October 11, 2026, showed Bitcoin at $83,083.39, up 0.32% over 24 hours but down 2.60% over seven days. Among the other tracked assets, edgeX was $0.3518, down 2.78% in 24 hours and 25.58% over seven days; Aethir was $0.006459, down 0.50% and 16.05%, respectively; and Rain was $0.01041, up 1.63% over 24 hours but down 4.41% over seven days.
