Key Insights: Ledger confirms in crypto news that CryptoBilis devices are linked to all reported cases. Ledger warns buyers not to initialize unused wallets amid claims of $86M in losses. It
Ledger has issued an urgent warning to CryptoBilis customers following the latest crypto news of crypto losses linked to hardware wallets sold by the Southeast Asian reseller.
In its 72-hour update, the company said every confirmed case involved devices sold through CryptoBilis. However, Ledger has not confirmed the suspected tampering or verified claims that losses exceeded $86 million.
The investigation continues, with the company cooperating with authorities and contacting affected customers. Meanwhile, Ledger says its internal systems and direct sales channels remain unaffected.
Ledger advised customers who purchased CryptoBilis devices to take precautions while investigators examine the incident.
Buyers with unused devices should not initialize them, according to the company’s statement. Customers who have already configured their devices should transfer their funds to a new seed on another Ledger device.
Ledger issued a warning on crypto news following the Cryptobilis incident | Source: X
The warning on crypto news follows an earlier request for CryptoBilis to suspend hardware wallet sales and shipments.
Ledger initially advised customers who purchased devices within the previous 90 days not to set them up. The company has since confirmed that CryptoBilis stopped selling hardware wallets.
Ledger also urged affected customers to contact its official support service and file complaints with local law enforcement.
Its support team remains available around the clock to address questions and concerns. The company warned users against impersonation attempts and reiterated that it never requests a 24-word recovery phrase through calls or direct messages.
The incident on crypto news attracted attention after on-chain investigator Specter reported tracing funds from hundreds of affected wallets.
The investigator identified transactions involving Ethereum, TRON, and Bitacoin. However, Ledger has not confirmed the reported $86 million loss figure or explained how the funds left the wallets.
Public blockchain records cited in the earlier report showed that three Bitcoin addresses held approximately 211 BTC in total. Those funds had not moved as of 13:44 UTC on Friday.
In addition, Ledger has also not confirmed whether attackers physically modified the devices before customers received them. Thus, the company continues investigating the reseller’s distribution chain and the circumstances surrounding the reported losses.
Ledger said it is reviewing authorized reseller controls and strengthening hardware protections following the CryptoBilis incident.
It also plans to improve distribution checks and anti-tampering processes. The company is working with relevant authorities and has acknowledged support from the blockchain security group SEAL 911.
Ledger urged authorized resellers and distributors to obtain products through approved channels. It also told distributors never to restock returned devices.
The company warned that unauthorized sellers may expose customers to suspicious, counterfeit, or modified hardware that does not comply with its security guidelines.
The incident follows an April report involving counterfeit Ledger devices on a Chinese marketplace. A researcher found fake units that transmitted PINs and recovery phrases to attackers.
Separately, a reported Coldcard firmware bug in August resulted in approximately $70 million in losses for Bitcoin holders.
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