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Ledger investigates reports of over $86 million in cryptocurrency thefts
Hardware wallet manufacturer Ledger has launched an investigation into the possible theft of more than $86 million in crypto assets from users who purchased devices through a reseller in Southeast Asia. The company has not confirmed the scale of the losses and is examining reports that the wallets may have been tampered with before being sold.
Pseudonymous blockchain investigator Specter reported on X that funds may have been stolen from hundreds of addresses across the Bitcoin, Ethereum and Tron networks. He reached this conclusion after examining user complaints on X and Reddit.
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The reported amount has not been independently verified. It also remains unclear whether the suspected thefts are connected or how the attackers may have gained access to the assets.
Ledger suspends sales through reseller
The company confirmed receiving complaints from customers who purchased devices through regional reseller CryptoBilis. During the investigation, Ledger asked its partner to suspend sales and order shipments.
Customers who received wallets within the past 90 days were advised not to proceed with initial setup. Users who had already activated their devices were encouraged to consider transferring their assets to a new Ledger wallet with a newly generated recovery phrase.
One possible explanation is a supply chain attack. In such a scenario, attackers could modify a device before it reaches the buyer or obtain access to its recovery phrase in advance, allowing them to withdraw funds later.
However, there is currently no evidence confirming such a scheme. Ledger has also not reported any compromise of its own systems or vulnerabilities in its hardware wallet technology.
Founded in 2014 and headquartered in Paris, Ledger says it has sold more than 7 million devices designed to store private keys offline.
Incident comes amid rising losses from crypto hacks
The suspected theft could add to the list of major cryptocurrency security incidents in 2026. According to DefiLlama, the Bitget exchange lost more than $350 million in September, while losses from attacks on Liquid Network, Drift and Kelp were estimated at approximately $320 million, $295 million and $293 million, respectively.
Unlike attacks on centralized platforms and protocols, the current investigation concerns devices sold by a third-party reseller. The manufacturer has pledged to release additional information once the circumstances of the incident have been established.
Meanwhile, Ledger continues to expand its product capabilities. The company introduced an updated app interface that combines cryptocurrency purchases and swaps with access to decentralized applications.
The new version allows users to perform key digital asset transactions within a single environment. However, the incident under investigation concerns the security of devices purchased through a reseller, rather than the features of the updated application.
Earlier, we reported that Ledger launched a stablecoin lending service offering USDC and USDT loans backed by Bitcoin. The product expanded options for using crypto assets without having to sell them.
This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.
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