Singapore crypto users lose S$3.5m after Ledger wallets found with malicious hardware

Two Singaporean users collectively lost S$3.5 million (RM11.13 million) in cryptocurrency due to compromised Ledger hardware wallets, according to a police advisory on October 28. The investigation began on September 10 and revealed that some Ledger hardware wallets purchased from Singapore retail stores contained malicious components.

These components could capture users' recovery phrases or private keys, allowing unauthorized access to their crypto wallets and assets. Ledger has suspended sales of Ledger devices from resellers and distributors in Southeast Asia, including Singapore and Hong Kong, following the discovery of an unauthorized hardware implant in Ledger wallets sold by CryptoBilis, a Southeast Asia reseller.

Ledger advises affected users not to set up their devices if they haven't done so yet and to move their assets to a new Ledger signer with a new seed if they have. The police urge crypto users to remain vigilant, stay updated with hardware wallet provider advisories, and take necessary precautions to safeguard their assets. Those with information regarding such crimes are advised to contact the police hotline or submit a report online.