Ledger, a hardware wallet maker, has begun investigating reports of fund losses from customer wallets. The investigation follows claims that users have suffered wallet drains totaling up to $86 million.
In a statement, Ledger said it is investigating reports of losses from users in Southeast Asia who purchased wallets from reseller CryptoBillis. As a precaution pending investigation results, Ledger asked CryptoBillis to pause all sales and shipments of Ledger devices.
Ledger recommended that users who purchased from the reseller in the last 90 days should not set up their wallet if they have not already done so. The company advised those who have already set up wallets to consider moving their funds to a new signer.
Losses Span Multiple Networks
Onchain investigator Specter identified reports on social media of Ledger users experiencing wallet drains across multiple networks, including Bitcoin, Ethereum, and TRON. According to Specter's investigation, total losses exceed $86 million.
Arkham data indicates that hackers have stolen approximately $30 million in ETH from Ledger users. Additionally, 211 BTC worth around $17.55 million have been drained from customer wallets. Users also lost USDD and USDT on the TRON network.
Broader Security Concerns
The Ledger incident occurs amid heightened concerns about cryptocurrency security. In August, hardware wallet maker Trezor disclosed a data breach affecting nearly 14,000 customers. Separately, crypto exchange Bitget suffered a hack last month in which hackers stole up to $351 million in XRP, ETH, and other crypto assets.
