Your Crypto hardware wallet Ledger can stay locked while a thief spends your crypto using stolen recovery credentials. That distinction matters to the $86 Million++ theft claim circulating on 9th October.
Analyst Specter posted an Arkham screenshot showing $86.96M across 98 addresses after investigating theft reports from people saying they use Ledger. Those 98 addresses are not a verified victim count. The cause remains unconfirmed, including whether any Ledger vulnerability was involved.
A wallet backup is designed to restore access without the original device. Anyone with the complete recovery credentials can recreate its keys elsewhere. Accounts protected by an additional passphrase also require that passphrase.
That explains how funds can move without your device approving anything. It does not establish what happened in these cases.
Do not type your 24 recovery words into a website, phone app or support chat to โsecureโ your wallet.
Ledger says it will never ask for them.
Analyst Specter posted an Arkham screenshot showing $86.96M across 98 addresses after investigating theft reports from people saying they use Ledger. Those 98 addresses are not a verified victim count. The cause remains unconfirmed, including whether any Ledger vulnerability was involved.
A wallet backup is designed to restore access without the original device. Anyone with the complete recovery credentials can recreate its keys elsewhere. Accounts protected by an additional passphrase also require that passphrase.
That explains how funds can move without your device approving anything. It does not establish what happened in these cases.
Do not type your 24 recovery words into a website, phone app or support chat to โsecureโ your wallet.
Ledger says it will never ask for them.