Ledger launched an investigation on October 9, 2026 following reports of fund losses among its customers in Southeast Asia, linked to devices purchased from CryptoBilis, an authorized reseller operating in Indonesia, Malaysia, and the Philippines. The company ordered the reseller to immediately cease all sales and shipments. Photos shared on social media appear to show a small printed circuit board equipped with a SIM card, hidden beneath the device screen, that would capture the recovery phrase during initialization. According to onchain analysts, losses are estimated between $72 and $93 million, with approximately $87 million tracked by Arkham Intelligence across ETH, BTC, and USDT holdings. Tether froze roughly $10 million in USDT linked to some of the suspected theft addresses.
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