Ledger Investigates Stolen-Fund Reports Tied to CryptoBillis Devices

Ledger is investigating reports that customer funds were stolen from devices sold by Southeast Asian distributor CryptoBillis, prompting the company to urge affected users to move assets to newly initialized devices.

Ledger Support said Oct. 9 that it had asked CryptoBillis to pause all Ledger device sales and shipments while the investigation continues.

Customers who purchased a device from the distributor within the past 90 days should not initialize it if setup has not begun, Ledger said. Users who already initialized their devices should transfer their assets to a new device created with a new recovery phrase.

The reported losses may exceed $86 million, analyst Specter said.

Ledger’s guidance calls for affected users to stop using the devices and move assets to devices initialized with new recovery phrases.