Ledger Confirms Wallet Attack, $93M Losses Alleged, $3.89M Traced to Binance  

• Ledger links confirmed wallet-draining cases to devices sold through Southeast Asian reseller CryptoBilis.
• Ledger confirms an unauthorized hardware implant was found in one affected device; the exact method used to steal funds remains under investigation.
• The company says its systems and direct sales channels remain unaffected, while an on-chain investigator estimates losses exceed $93 million.

Following widespread reports of missing funds on October 9, French hardware wallet manufacturer Ledger has officially responded to an alleged $93 million drain attack. In a 72-hour update released on October 11, the company confirmed that a targeted physical supply chain compromise has affected certain devices, tracing the root cause back to an authorized third-party reseller.

While early cybersecurity reports suggested a widespread system breach, Ledger assured users that its primary systems, core software, and direct sales channels remain untouched.

Ledger Links Wallet Attack to CryptoBilis Reseller

According to Ledger’s investigation alongside law enforcement and security firm SEAL 911, the security breach is localized strictly to units distributed by CryptoBilis, an authorized reseller operating in Southeast Asia. 

On October 9, Ledger launched an investigation into reports of stolen funds from customers in South Asia who purchased devices through reseller CryptoBilis, urging the company to halt all sales and shipments of its hardware wallets.

The move came hours after on-chain investigator Specter reported that more than $86 million in cryptocurrency may have been stolen from hundreds of wallets in a series of suspected draining incidents reported by Ledger users on X and Reddit.

Specter said he had traced funds linked to hundreds of victim wallets across multiple blockchains, including Bitcoin, Ethereum and TRON. The estimated losses have not been independently verified.

A separate investigation by blockchain analytics firm Bitquery found that more than $93.2 million amount was stolen from 315 Ledger hardware wallet users across six networks: TRON, Bitcoin, Ethereum, Solana, BNB Chain and Polygon.

Blockchain security firm PeckShield said about $3.89 million in crypto associated with Ledger wallet thefts flowed into Binance deposit addresses on the Tron network in the two days before its October 11 alert.

Ledger Says Direct Sales Channels Remain Unaffected

For the majority of hardware wallet holders, Ledger asserts there is no immediate threat if the device was acquired directly through official channels. The attack highlights a growing vulnerability within global third-party supply chains rather than a failure of Ledger’s core cryptographic infrastructure.

Security analysts caution that attackers often capitalize on news of this scale to deploy opportunistic phishing scams, urging users to remain vigilant against fake customer service contacts.

How Ledger Users Can Protect Their Crypto Wallets

For users who purchased a Ledger hardware wallet from CryptoBilis over the past 90 days or suspect that their wallet may have been tampered with, the company recommends to do the following steps immediately:

• Unused Devices: Do not initiate set up if you have not done so yet.
• Active Wallets: If you have set up your Ledger device, consider moving assets to a fresh recovery seed generated on a safe, untampered device.
• Official Support Only: Contact support.ledger.com directly. Remember that Ledger staff will never ask for your 24-word recovery phrase via phone, email, or DM.

Why This Matters

Founded in 2014 and headquartered in Paris, Ledger is a leading manufacturer of hardware wallets that store the private keys used to access cryptocurrency offline. The company says it has sold more than 7 million devices worldwide.

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