Ledger Exploit: Wallet Maker Investigates Alleged $86M Drain From Customer Wallets
Highlights
- Ledger said it is investigating the alleged loss of funds from users in South East Asia.
- The wallet maker has urged the reseller involved in the alleged exploit to pause sales.
- Up to $86 million is alleged to have been drained from users wallets.
Wallet maker Ledger has begun an investigation into the alleged loss of funds from customers’ wallets. The investigation into the alleged Ledger exploit follows claims that users have suffered wallet drains totaling up to $86 million.
Ledger Exploit: Hardware Wallet Maker Begins Investigation
In an X post, the wallet maker said that it is investigating reports of loss of funds from users in Southeast Asia who had purchased their wallet from a reseller named CryptoBillis. “As a precaution, and pending the results of our investigation, we have asked CryptoBillis to pause all sales and shipments of Ledger devices,” it said.
Furthermore, Ledger recommended that users who purchased their product from the reseller in the last 90 days do not set up their wallet yet, if they haven’t already. Meanwhile, the wallet maker advised those who have set up their wallet to consider moving their funds to a new signer.
The alleged Ledger exploit comes amid increased concerns over crypto security. Notably, in August, crypto hardware wallet maker Trezor disclosed a data breach which affected nearly 14,000 customers.
Meanwhile, crypto exchange Bitget suffered a hack last month, allowing hackers to steal up to $351 million in XRP, ETH, and other crypto assets.
Users Allegedly Lose Bitcoin, Ethereum, USDT In Wallet Breach
Onchain investigator Specter drew attention to reports on X and Reddit of Ledger users suffering wallet drains. He also revealed an investigation showing the Ledger exploit spans several networks, including Bitcoin, Ethereum, and TRON.
The investigator said that total losses exceed $86 million. Meanwhile, Arkham data also shows that the hackers have stolen nearly $30 million in ETH from users of the top crypto wallet provider.
Furthermore, 211 BTC, worth around $17.55 million, have also been drained from users’ wallets. Users also lost USDD and USDT on the TRON network in the Ledger exploit.
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