Ledger investigates wallet drains involving CryptoBilis buyers; estimate tops $86 million in losses
Ledger said it is investigating reports of fund losses from users in Southeast Asia who bought its products from reseller CryptoBilis.
Bitcoin and cryptocurrency markets were seeking a rebound from Thursday's decline, despite apprehensions surrounding the potential of another hardware wallet breach. On Friday, Bitcoin (BTC) aimed to prevent additional losses as crypto markets processed information about an exploit impacting Ledger hardware wallets. TradingView data indicated BTC/USD staying close to the critical $82,500 support level on Friday.
After descending to $80,350 the previous day, BTC/USD began attracting renewed buying interest as 24-hour crypto liquidations surpassed the $1 billion mark. CoinGlass reported that liquidity was concentrating around the $84,000 mark, with spot prices slicing through ask-side liquidity on exchange order books. US stocks experienced a rise on Friday, with technology shares recovering from earlier losses.
The Nasdaq Composite Index, which had faced pressure due to lower-than-anticipated earnings guidance from OpenAI, benefited from this recovery.
Crypto markets seemed to disregard reports of funds being stolen from Ledger hardware wallet users. Ledger acknowledged these claims and pointed to CryptoBillis, a Southeast Asian reseller, in an X post. The company advised users who had set up their Ledger device to transfer their assets to a new Ledger signer with a fresh seed.
Security concerns for hardware wallets have intensified in recent months following a multi-phase hack at Coldcard manufacturer in July and August. Bitcoin traders were increasingly concentrating on the approaching weekly candle close, with $82,500 continuing to be a key level for bulls to reclaim. This level had functioned as support since mid-September and was also part of a possible inverse head-and-shoulders reversal pattern, similar to one seen in 2023.
Bitfinex Alpha, the research team of crypto exchange Bitfinex, projected that range-bound trading conditions would persist until October 14, the day US inflation data was scheduled for release. Their primary outlook anticipated consolidation between $81,300 and $86,500 heading into the release of the data.
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