Ledger Reports $72 Million in Losses Linked to Compromised Devices from Reseller CryptoBilis

Ledger has confirmed that unauthorized hardware implants in devices sold by the Southeast Asian reseller CryptoBilis have led to estimated losses ranging from $72 million to $93.2 million. The compromised devices, purchased within the last three months, allowed attackers to access users' recovery phrases, affecting between 311 and 315 wallets across various blockchains.

The majority of the losses, approximately $70 million, were reported in USDT on the Tron blockchain, with additional losses occurring on Bitcoin, Ethereum, BNB Chain, Polygon, and Solana. Ledger emphasized that its own systems and direct sales channels were not impacted, and it advised customers who purchased from CryptoBilis to refrain from initializing their devices and to generate new seed phrases before moving any assets.

In response to the incident, CryptoBilis has suspended operations pending an investigation, which may involve changes in ownership that could affect the inquiry's outcome. Tether has frozen around $10 million associated with the incident, providing some relief to victims, although this amount only covers a fraction of the total losses. The case highlights vulnerabilities in the supply chain of hardware wallets, underscoring the importance of verifying the source of such devices.

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Source: KLEA News