Ledger asks users to take urgent action amid $86M exploit report

Ledger, the French crypto hardware wallet maker, announced on Oct. 9 that it is probing reports of the loss of funds from users in South East Asia who purchased the company's products from a reseller named CryptoBillis.

The announcement comes within hours of the onchain sleuth Specter claiming Ledger users are reporting instances of wallet draining on X and Reddit.

They said they have identified inflows from hundreds of victim wallets across several blockchains, including Ethereum, TRON, and Bitcoin.

Total losses stand at more than $86 million, Specter claimed.

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Ledger asks users to take urgent action

Ledger said it has asked CryptoBilis to halt all the sales and shipments of Ledger devices while it investigates the reports of exploit.

The company also instructed its users who have purchased from this reseller in the last 90 days to:

• Not initiate set up if they have not done so far, or
• Move their assets to a new Ledger signer with a new recovery phrase if they have set up their devices.

Ledger said it will continue to inform customers of updates as the investigation progresses. However, the company did not confirm if it is investing the potential exploit that Specter alleged.

The company confirmed to TheStreet Roundtable that this incident is isolated specifically to CryptoBillis in the South East Asia market based on the information to date.

No reports were made of products purchased directly from Ledger, and Ledger’s infrastructure, systems and services were not compromised, the crypto wallet firm added.

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