Singapore Police Probe Ledger Wallets Linked to S$3.5 Million in Losses

Singapore police are investigating reports that some Ledger hardware wallets sold through local retailers contained malicious components, with the cases linked to about S$3.5 million in losses.

Police have received at least two Ledger-related case reports since Sept. 10, with total losses of about S$3.5 million. The findings are preliminary, and the inquiry is continuing.

Initial investigative findings point to Ledger devices bought from some retailers in Singapore. Suspected components can capture a user's recovery phrase or private key, police said. That information can allow an unauthorized person to access a wallet and transfer its assets without the owner's knowledge or consent.

Police have contacted Ledger, which is reviewing the affected cases. The case raises a supply-chain concern for crypto holders because the suspected components were in wallets sold through local retail channels. It puts device integrity and the handling of wallet access information in focus for affected buyers.