Ledger confirmed the presence of a hidden component inside hardware wallets that stole recovery phrases during device setup. The implant intercepted the 24 recovery words displayed on the screen and transmitted them over an LTE connection. Blockchain analytics firm Bitquery estimates that roughly $102 million was stolen from 324 wallets across six networks. The compromised devices were sold through CryptoBilis, an authorized reseller operating in Malaysia, Indonesia, and the Philippines, after attackers tampered with genuine units during distribution. Ledger has advised affected customers not to initialize unused devices and to move their funds to a new wallet with a fresh recovery phrase.
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