Singapore Police Warn of S$35 Million in Tampered Ledger Wallet Losses

Altered Ledger devices bought from Singapore retailers have been linked to reports since Sept. 10, with identified losses totaling about S$35 million.

Preliminary findings indicate that some devices contained malicious hardware components capable of capturing users’ recovery phrases or private keys. Those credentials can let an unauthorized person access a crypto wallet and move its assets.

SPF has contacted Ledger, which is reviewing the affected cases as the investigation continues.

Police urged users to follow alerts and security guidance from the manufacturer. Anyone who suspects a device was altered should stop entering recovery information or making transactions and contact official support. If a recovery phrase or private key may have been exposed, create a new wallet with a new phrase on an unaffected device and move remaining assets there.

Police also warned users not to disclose recovery phrases or private keys to anyone, including people claiming to represent a wallet maker, crypto exchange or law enforcement agency.