Ledger confirmed that an organized criminal group purchased Ledger devices, installed implants capable of reading users’ seedphrases, and then reintroduced them into the market through resellers. Blockchain investigator Specter estimated that $86 million was drained, primarily from customers in Southeast Asia who bought from Malaysian reseller CryptoBilis. Ledger stated that no flaw was found in its chips, operating system, or servers, as the attack targeted the distribution channel after devices left its facilities. The company sent employees to multiple markets, including Europe, to verify that other supply chains had not been compromised, while authorized resellers in Southeast Asia and Hong Kong suspended sales. Ledger is working with law enforcement to trace funds and dismantle the attackers’ infrastructure.
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