Ledger probes CryptoBilis wallet losses as $86 million estimate circulates

Ledger said on Oct. 9 it is investigating reports of lost funds from Southeast Asian customers who bought devices through reseller CryptoBilis, and asked the reseller to halt sales and shipments, according to CoinDesk’s report on Ledger’s investigation.

What should recent CryptoBilis buyers do?

Ledger advised customers who bought from CryptoBilis in the previous 90 days not to start setting up devices they had not activated, CoinDesk reported. Customers who had already set up a wallet were told to consider moving assets to a new Ledger device with a newly generated recovery phrase.

Who reported losses above $86 million?

Blockchain investigator Specter estimated losses above $86 million after tracing suspected theft addresses across Bitcoin, Ethereum and Tron, according to The Block’s report. The Block said another researcher estimated losses above $72 million, but neither figure has been independently confirmed and it is unclear whether the estimates cover the same transactions.

Specter cited reports from Ledger users on X and Reddit and said funds had come from hundreds of wallets. The Block later reported that the actual number of affected wallets is unknown; Ledger has not confirmed the reported total or linked every suspected theft to CryptoBilis.

Has Ledger confirmed device tampering?

No cause has been confirmed, and Ledger has not said that its devices were tampered with or that its own systems were compromised. A supply-chain attack is one possible explanation, but the connection between the reports and the reseller remains under investigation.

Ledger said it would provide updates as the investigation progresses. The cause, number of affected customers and total losses remain unconfirmed.

Source material

• CoinDesk’s report on Ledger’s investigation — coindesk.com
• The Block’s report — theblock.co