The Ledger situation is no longer a black swan—it’s a whole flock of black swans.

In addition to the incidents we mentioned earlier, here’s what has emerged so far:

- Two tampered devices at MediaMarkt in Europe; all Ledger products pulled from shelves across Europe

- A Ledger Flex at Metapod, Changi Airport, Singapore, confirmed to have been tampered with

One distributor having an incident could be a fluke. When multiple channels around the world are affected at the same time, it’s no longer just a distributor issue.