Ledger probes Southeast Asia theft tied to CryptoBilis-sold devices

Hardware wallet maker Ledger is investigating a theft affecting users in Southeast Asia who bought devices through distributor CryptoBilis, Huoxing Finance reported on Oct. 9. Ledger has asked CryptoBilis to halt sales and shipments. Ledger advised customers who purchased through the distributor in the past 90 days not to initialize their devices. Users who have already set up a device should generate a new mnemonic phrase, create a new Ledger signing device, and move funds to the new wallet. Onchain investigator Specter said hundreds of wallets across the Bitcoin, Ethereum and Tron networks were compromised, with losses estimated at more than $86 million. Security researcher tanuki42 previously put losses above $72 million, adding that the total is still rising. Ledger said the root cause and whether the affected devices contain security vulnerabilities are still under investigation.