Ledger's $93 Million Exploit: Here's What Really Happened
U.TodayDan Burgin
Ledger is investigating reports of cryptocurrency losses among customers in Southeast Asia who purchased hardware wallets through CryptoBilis, a reseller listed as an official distributor in Indonesia, Malaysia and the Philippines. The incident came to light on Friday, Oct. 9, as blockchain researchers traced funds from suspected victims' wallets. Initial estimates put the losses above $72 million, but subsequent analysis by Bitquery expanded the reported total to $92.9 million across 311 wallets on five networks: Bitcoin, Ethereum, TRON, BNB Chain and Polygon. The distinction between a wallet-draining incident and a confirmed compromise of Ledger's own systems is important. Ledger devices are designed to keep private keys offline, but maliciously modified hardware or a compromised supply chain could potentially undermine that protection.
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