Ledger Investigates Wallet Losses Linked to CryptoBilis Distributor

Wallets linked to Ledger’s authorized Southeast Asian distributor CryptoBilis have lost nearly $90 million in an apparent security incident, potentially making it the hardware-wallet maker’s largest security event.

Ledger is investigating the losses and has asked CryptoBilis to halt sales and shipments. Users who purchased devices through the distributor within the past 90 days were urged to act cautiously or move their assets.

The estimated loss is significantly larger than Ledger’s previously documented security incidents, including the December 2023 compromise of its Connect Kit software, which caused roughly $480,000 to $600,000 in losses. That attack involved malicious code distributed through a software dependency and did not directly compromise Ledger’s hardware or Ledger Live application.

The cause of the incident has not been finalized. Ledger’s investigation and the distributor’s suspension of sales are the immediate next steps.