Ledger announced Friday that it is investigating reports of significant cryptocurrency losses from its hardware wallet users, with estimated total losses surpassing $86 million across multiple blockchain networks.
The hardware wallet maker acknowledged the issue in a statement posted to its official X account, indicating that the incident appears localized to devices sold by a specific reseller. The company identified the reseller as CryptoBillis, operating in Southeast Asia, and asked the vendor to pause all sales and shipments of Ledger devices pending investigation results.
Multiple Ledger users reported on social media that funds disappeared from their wallets despite claiming they had protected their seed phrases and had not authorized any transactions. One user reported losses of nearly 100,000 USDT from a wallet that was only used to receive funds.
Onchain investigators tracked the losses across multiple networks. According to data compiled by an investigator known as Specter, Ethereum accounted for over $42 million in losses, Bitcoin for $17.5 million, and USDT for $16.5 million, among other assets.
Ledger advised users who purchased devices from CryptoBillis within the last 90 days not to activate their wallets if they have not yet done so. The company recommended that users who have already set up devices from that reseller move their assets to a new Ledger device with a new seed phrase.
The company stated it would continue informing customers as its investigation progresses. Industry observers noted that while the reports generated concern across social media, there is currently no evidence of a broader vulnerability affecting all Ledger devices.
