TLDR
- Ledger is investigating reports of stolen crypto tied to devices sold by Southeast Asian reseller CryptoBilis.
- Researchers Specter and tanuki42 estimate losses between $72 million and $86 million across Bitcoin, Ethereum and Tron wallets.
- Ledger asked CryptoBilis to pause all sales and shipments during the investigation.
- Ledger says its own infrastructure and systems were not compromised.
- Binance co-founder Changpeng Zhao called for industry help tracing and recovering stolen funds.
Ledger, a major maker of hardware crypto wallets, said Friday it is looking into reports of stolen funds tied to a reseller in Southeast Asia. The company has sold more than 7 million devices worldwide since it was founded in 2014.
Ledger is investigating reports of loss of funds from users in South East Asia who purchased products from a reseller named CryptoBillis. As a precaution, and pending the results of our investigation, we have asked CryptoBilis to pause all sales and shipments of Ledger devices.…
— Ledger Support (@Ledger_Support) October 9, 2026
The reseller, CryptoBilis, sells Ledger devices in Indonesia, Malaysia and the Philippines. Ledger asked the reseller to pause all sales and shipments while it investigates.
Pseudonymous researcher Specter said on X that more than $86 million in crypto may have been stolen from hundreds of wallets. Another researcher, known as tanuki42, identified eight wallet addresses linked to over $72 million in losses.
There have been a reports on X and Reddit of wallet-draining by Ledger users.
I traced the theft addresses and identified inflows from more hundreds of victim wallets across several major blockchains, including Ethereum, TRON, and Bitcoin.
Total losses $86M+… pic.twitter.com/c5dhQeAZ0l
— Specter (@SpecterAnalyst) October 9, 2026
Neither estimate has been confirmed by Ledger. The exact number of affected customers and the cause of the losses remain unclear.
What Ledger Is Telling Customers
Ledger advised anyone who bought a device from CryptoBilis in the past 90 days not to set it up yet. Customers who already activated their wallets were told to consider moving their funds to a new Ledger device with a freshly generated recovery phrase.
In a statement to Cointelegraph, Ledger said the issue appears limited to the reseller and the markets it serves. The company said it has not received reports involving devices bought directly from Ledger.
“Ledger’s infrastructure, systems and services were not compromised,” the company said.
One possible explanation researchers have floated is a supply chain attack. In this kind of attack, a device is tampered with before it reaches the buyer. An attacker could preload a wallet with a recovery phrase they already know, letting them access funds later.
Ledger has not confirmed this is what happened. The investigation is still ongoing.
Security Alliance Joins the Response
Crypto security group Security Alliance shared tanuki42’s findings on X. The group urged anyone who sent funds to the flagged addresses to contact its incident response team.
Security Alliance did not give its own loss estimate or confirm a cause.
On Friday afternoon, an onchain analytics account called Onchain Lens reported that wallets linked to the suspected thefts moved about $270,000 in USDT and TRX to Binance. Most of that was then sent to a Binance hot wallet.
Binance co-founder Changpeng Zhao responded to the news on X. He said counterfeit or tampered Ledger devices may have played a role in a supply chain attack.
“I expect and know all BNB ecosystem players (and all industry) to help trace and recover the funds,” Zhao wrote.
This incident adds to a difficult year for crypto security overall. Other large exploits in 2026 include a Bitget hack worth more than $350 million, a Liquid Network loss near $320 million, a Drift exploit at $295 million and a Kelp loss of $293 million, according to DefiLlama data.
Ledger said it will continue to update the public as its investigation moves forward. For now, the scale of the loss, the number of victims and the exact cause remain unconfirmed.
Stop guessing and start investing with confidence. KnockoutStocks gives you the AI insights, market intelligence, and stock research you need to spot opportunities, cut through the noise, and make smarter investment decisions — all in one powerful platform.
Sign up today and get 50% OFF full access to our premium stock picks.
Simply use coupon code SPECIAL50 at checkout to claim your exclusive discount.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
