Ledger has confirmed that at least one hardware wallet involved in reported cryptocurrency losses contained an unauthorized hardware implant, according to Cointelegraph. The company said the incident appeared limited to one reseller and the Southeast Asian market, while an investigator estimated that losses could exceed $86 million.
Investigation focuses on reseller-sold devices
Ledger said it is contacting users as it continues examining losses involving devices purchased from a Southeast Asian reseller. Investigator Specter estimated that the reported losses may total more than $86 million across Bitcoin, Ethereum and Tron. Ledger has not confirmed either the number of affected customers or the total value of funds lost.
The company said the unauthorized component was found in one impacted user’s device. A hardware wallet is designed to keep the private keys used to authorize cryptocurrency transactions isolated from internet-connected systems. The discovery raises concerns about the integrity of devices obtained through the reseller, although Ledger has not said how many units may have been affected.
Ledger said the incident appeared to be isolated to a single reseller and its Southeast Asian market. In a statement to Cointelegraph, the company said its own infrastructure, systems and services had not been compromised, adding that the investigation was still under way.
CryptoBilis stops sales during review
The reseller identified in the investigation, CryptoBilis, said it had suspended sales of all hardware-wallet inventory as a precaution. Ledger said it was in active communication with CryptoBilis about the next steps.
Cointelegraph previously reported that CryptoBilis was listed as an authorized Ledger reseller in Indonesia, Malaysia and the Philippines. The reported connection to those markets gives the investigation a regional focus, but Ledger has not established the full scope of the incident publicly.
Ledger is asking anyone with information to contact its bounty program at bounty@ledger.fr. The company also told users to seek help or ask questions through its official customer-support channel at support.ledger.com.
Guidance for potentially affected users
Ledger recommends that customers who bought a device from the reseller and have not yet started the setup process should not do so. Customers who have already configured such a device should consider transferring their assets to a new Ledger signer using a new seed.
A seed is the backup information that can restore access to a cryptocurrency wallet. Using a new seed when moving assets is intended to avoid continuing to rely on credentials associated with a device under investigation. Ledger’s recommendation is precautionary; the company has not publicly confirmed how many devices or accounts are affected.
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