Security researcher Taylor Monahan argues that most recent loss reports stem from panic-stricken users who handed their recovery phrases to scammers, rather than widespread device tampering. Scammers exploited the anxiety of worried Ledger owners by redirecting them to fraudulent websites and apps where they entered their 24-word recovery phrases. Financial losses are estimated between $70 million and $100 million, with on-chain figures ranging from $86 million to $93 million. The supply-chain incident involved a limited batch of Ledger devices sold through CryptoBilis, an authorized reseller. Ledger has confirmed that all verified cases of lost user funds trace back to that single reseller.
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