A Bitcoin holder lost 80 BTC, valued at $5.2 million, after moving the coins to a Ledger hardware wallet purchased from CryptoBilis, a reseller operating in Southeast Asia. The transfer occurred one week before the funds disappeared.
Ledger confirmed on October 9, 2026, that it is investigating fund losses connected to CryptoBilis. The company has issued immediate guidance for affected customers without waiting for the investigation to conclude.
Pattern of Losses
The incident is not isolated. Multiple buyers who purchased Ledger devices through the same reseller have reported significant losses. Another victim reported losing 7 million USDT, a dollar-pegged stablecoin, after purchasing a Ledger device three weeks prior to the loss.
Ledger has advised anyone who purchased a Ledger from the reseller within the past 90 days not to initialize their device. The company is instructing these customers to move their assets to new Ledger wallets established with different seed phrases.
Scope of Losses
On-chain analysts have tracked assets flowing to theft addresses across multiple blockchain networks. Identified holdings in wallets linked to the thefts include $17.7 million in BTC and $29 million worth of ETH equivalents. Analysts' estimates of total damage range from $72 million to over $87 million, distributed across numerous victim wallets.
Cause Under Investigation
The cause has not been confirmed. Speculation centers on two possibilities: supply-chain tampering, where a device is compromised before reaching the buyer, or phishing attacks targeting users to obtain sensitive information.
Limited Scope
No reports indicate that Ledger devices purchased through official channels have been affected, suggesting the issue is localized to CryptoBilis. The reseller operates in Southeast Asian markets including Indonesia, Malaysia, and the Philippines.
Ledger's investigation will determine what occurred, whether the reseller was complicit, and whether damage extends beyond current estimates.
