Former Mt. Gox CEO Mark Karpelès spent two weeks opening Ledger hardware wallets bought from third-party sellers in Japan, Singapore, and Germany. The circuit boards feature multiple revisions, regional antenna variants, and a design that has shifted from hand-soldering to mass production, according to him. Ledger says all confirmed thefts trace back to a single Malaysian reseller, while Karpelès’s own devices were not bought from that reseller. Separate research suggests that implants were transmitting seed phrases to overseas servers months before the drains became public. The interview examines who manufactures the devices, how many remain unopened, why a March warning did not trigger a public alert, and how Ledger handles a report it considers unlikely.
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