Ledger: 86 M$ in reported losses, supply chain in question
On October 9, Ledger announced that it was investigating reports of customers in Southeast Asia losing funds after buying from the CryptoBilis reseller. The manufacturer asked the reseller to suspend sales. It also advises customers who bought a device in the past 90 days and have not yet set it up not to begin the installation. Those who have already set it up should consider moving their assets to a new device with a new recovery phrase.
What is established: the investigation is ongoing, and the reseller has been suspended. What is not established: the cause. The figure of $86M+ comes from an on-chain analyst and has not been verified. Based on the available information, CZ believes this was an attack targeting a specific supplier, but that is his assessment, not a conclusion from Ledger.
Market impact: no notable movement. Bitcoin remains around $82,700; a targeted incident does not move a $1.66 trillion asset.
For investors, the key takeaway is where the device comes from. The risk lies as much in the purchase as in the encryption.
Do you buy your hardware directly from the manufacturer, or do you use resellers?#EthereumSurpasses2500USDT
On October 9, Ledger announced that it was investigating reports of customers in Southeast Asia losing funds after buying from the CryptoBilis reseller. The manufacturer asked the reseller to suspend sales. It also advises customers who bought a device in the past 90 days and have not yet set it up not to begin the installation. Those who have already set it up should consider moving their assets to a new device with a new recovery phrase.
What is established: the investigation is ongoing, and the reseller has been suspended. What is not established: the cause. The figure of $86M+ comes from an on-chain analyst and has not been verified. Based on the available information, CZ believes this was an attack targeting a specific supplier, but that is his assessment, not a conclusion from Ledger.
Market impact: no notable movement. Bitcoin remains around $82,700; a targeted incident does not move a $1.66 trillion asset.
For investors, the key takeaway is where the device comes from. The risk lies as much in the purchase as in the encryption.
Do you buy your hardware directly from the manufacturer, or do you use resellers?#EthereumSurpasses2500USDT