Ledger Probes Potential Theft of $87M in User Funds Tied to Crypto Wallet Reseller

JUST IN: Ledger probes potential theft of $87 million in user funds tied to crypto wallet reseller CryptoBilis, urging recent buyers not to set up their devices as an onchain investigator tracks the suspected thefts.

Eighty seven million dollars in user funds may have walked out the door, and Ledger is scrambling.

The hardware wallet maker is investigating a potential theft tied to one of its resellers, a company called CryptoBilis. The suspicion is that devices sold through that channel were compromised somewhere along the way, which is the exact nightmare hardware wallets exist to prevent. Ledger's warning is blunt. If you bought a device recently through that reseller, do not set it up. Leave it in the box.

An onchain investigator is already tracing the suspected thefts across the blockchain, following the money the way only crypto lets you. The irony stings a little. These are the devices people buy specifically to keep their coins away from thieves.

The hardest part is this. A compromised wallet looks exactly like a clean one until the funds move, and eighty seven million dollars says plenty already have.

This is Sara White, reporting for HIT.