Ledger Investigates Wallet-Draining Reports as Onchain Analyst Estimates Losses Above $86 Million
Ledger, the world’s largest hardware wallet manufacturer, is investigating reports of stolen cryptocurrency involving users in Southeast Asia who purchased devices through reseller CryptoBilis. The company has asked the reseller to suspend sales and shipments while the investigation continues and warned customers who bought devices from CryptoBilis within the past 90 days not to initialize them.
The investigation comes as onchain According to Wu Blockchain investigator Specter estimates that losses associated with suspicious cryptocurrency transfers have exceeded $86 million. Specter said he traced addresses receiving funds from hundreds of victim wallets across Ethereum, TRON and Bitcoin. The common attack vector behind the reported incidents has not yet been confirmed.
Ledger has also advised customers who have already initialized devices purchased from the reseller to move their assets to a new Ledger signer using a new seed phrase. The company’s instructions distinguish between customers who have not yet set up their devices and those who have already begun using them.
Ledger Issues Precautionary Guidance to Customers
Ledger’s request that CryptoBilis pause sales and shipments is part of its response to the reports involving devices sold to customers in Southeast Asia. The company has specifically advised people who purchased devices from the reseller during the past 90 days not to initialize them while the investigation is underway.
Customers who have already set up their devices have been told to transfer their assets to a new Ledger signer and use a new seed phrase. The guidance is intended for the affected customer group identified in Ledger’s announcement, rather than being presented markets as confirmation that all Ledger devices are unsafe.
The available information does not establish how the reported thefts occurred or whether the incidents share a single technical cause. The connection to purchases through CryptoBilis has prompted the reseller to pause sales and shipments at Ledger’s request, but the underlying attack method remains unconfirmed.
Specter Tracks Suspicious Transfers Across Three Networks
Separately, onchain investigator Specter reported tracing suspicious addresses that received funds from hundreds of victim wallets. The activity spans Ethereum, TRON and Bitcoin, three distinct cryptocurrency networks, according to the investigator’s findings.
Specter estimated that the total losses exceeded $86 million. That figure is an investigator’s estimate of the reported losses, not a confirmed final accounting of all affected funds. The available details do not specify how much was associated with each network or provide a breakdown of the individual victims’ losses.
Although the reports involve stolen funds and devices purchased through CryptoBilis, there is currently no evidence that Ledger’s hardware wallets themselves or the company’s core infrastructure were directly compromised. The precise relationship between the reported wallet-draining incidents and the reseller-supplied devices remains unresolved.
The investigation therefore leaves two central Ethereum questions unanswered: how the suspicious transfers were enabled and whether the incidents share a common attack vector. For now, Ledger has requested a pause in CryptoBilis sales and shipments, while Specter’s onchain analysis puts the estimated losses above $86 million across Ethereum, TRON and Bitcoin.
Writer: Victoria HaleTechnology & Blockchain WriterVictoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.She prioritises clarity and accuracy when explaining technical developments to a general audience.
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