Ledger Probes Southeast Asia User Asset Theft Linked to CryptoBilis Devices
AI Market Summary
Ledger is investigating a Southeast Asia theft tied to devices sold via distributor CryptoBilis, with estimated losses exceeding $86M across Bitcoin, Ethereum, and Tron. Ledger's guidance to halt initialization and migrate to new recovery phrases highlights supply-chain and device integrity risk. The incident can raise near-term custody concerns, elevate security risk premia, and pressure sentiment toward self-custody hardware and affected networks.
Impact level
● Medium
Affected assets
BTC/USDT+2.23%
AI Insight · BTC/USDTAI Insight
▼ Bearish
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Ledger says it is investigating a reported wave of cryptocurrency theft affecting users in Southeast Asia tied to devices purchased via distributor CryptoBilis. In a post on X, Ledger Support said it has asked CryptoBilis to halt sales and shipments, and urged customers who bought devices from the distributor within the past 90 days not to initialize them.
Users who have already set up their devices are advised to create a new Ledger signing device with a new recovery phrase and move funds to the new wallet.
Onchain investigator Specter previously estimated that hundreds of wallets across the Bitcoin, Ethereum and Tron networks were compromised, with losses exceeding $86 million. Security researcher tanuki42 put losses above $72 million and said the figure continues to climb.
Ledger said the incident's root cause remains unclear, including whether any affected devices had security vulnerabilities, and that the investigation is ongoing.
