The biggest risk to a hardware wallet has never been its firmware getting hacked.
This time, the problem was the supply chain. Devices sold by CryptoBilis, Ledger’s distributor in Malaysia, are suspected of having been tampered with before they reached users. On-chain investigator Specter estimates the losses at over $86 million, involving BTC, ETH, and TRON. One security firm puts the figure close to $90 million.
The most troubling part: Ledger’s own Genuine Check verifies whether the chip is genuine, but it can’t detect whether extra components have been soldered onto the board. Even a device that’s been tampered with could still be certified as “genuine” by the official tool.
On October 9, Ledger suspended all sales and shipments from this distributor. If you bought from CryptoBilis in the past 90 days, the official advice is not to power on and initialize the device. If you’ve already initialized it, switch to a new device and a new recovery phrase.
Only buy hardware wallets through official channels—don’t be tempted by cheaper third-party sellers. $BTC
Did you buy your wallet from the official website or through a third-party seller? #Ledger #bitcoin #Crypto
This time, the problem was the supply chain. Devices sold by CryptoBilis, Ledger’s distributor in Malaysia, are suspected of having been tampered with before they reached users. On-chain investigator Specter estimates the losses at over $86 million, involving BTC, ETH, and TRON. One security firm puts the figure close to $90 million.
The most troubling part: Ledger’s own Genuine Check verifies whether the chip is genuine, but it can’t detect whether extra components have been soldered onto the board. Even a device that’s been tampered with could still be certified as “genuine” by the official tool.
On October 9, Ledger suspended all sales and shipments from this distributor. If you bought from CryptoBilis in the past 90 days, the official advice is not to power on and initialize the device. If you’ve already initialized it, switch to a new device and a new recovery phrase.
Only buy hardware wallets through official channels—don’t be tempted by cheaper third-party sellers. $BTC
Did you buy your wallet from the official website or through a third-party seller? #Ledger #bitcoin #Crypto