Ledger investigates fund losses linked to Southeast Asian reseller, warns users

Hardware wallet manufacturer Ledger is investigating claims of cryptocurrency losses tied to a Southeast Asian reseller named CryptoBilis, as analysts separately estimate losses of over $72 million to $86 million. Ledger has alerted customers who purchased devices from the reseller in the past 90 days to avoid setting them up, while those who already set up their devices are advised to move their assets to a new Ledger device with a newly generated recovery phrase.

CryptoBilis is an authorized Ledger reseller in Indonesia, Malaysia, and the Philippines, but Ledger has not disclosed the number of affected customers or the value of the reported losses. The cause of the incidents remains unconfirmed, and the company has not identified if the devices were compromised. Onchain researchers reported suspected thefts involving multiple addresses across different blockchains, but Ledger has not confirmed any connection between the two cases.

Security Alliance, a crypto security organization, amplified the onchain researchers' findings, urging users to contact its incident-response team if they believe their funds were transferred to the identified addresses. Ledger maintains that the incident is isolated to the reseller and their own infrastructure, systems, and services were not compromised.