Ledger Wallet Theft Tops $93M, Raising Supply-Chain Fears

Published: 2026-10-10 05:58:15 |

A theft linked to Ledger hardware-wallet users has grown from early estimates of $72 million to $90 million to more than $93 million, according to blockchain analytics platform YFarmX. The platform says 471 addresses across seven blockchains were affected, with most losses recorded on 9 October. Tron-based USDT losses were about $69.98 million, while Bitcoin losses reached $17.59 million. More than $3 million in ETH was reportedly sent to Tornado Cash, and Tether froze $10 million in USDT; some funds remain beyond its control. The estimates come from different analyses and have not been fully reconciled. Many affected users said they kept their recovery phrases private, and several had bought devices through CryptoBilis, a former Ledger-authorised reseller in Southeast Asia. Ledger said it has no indication its own systems or services were compromised. It asked the reseller to halt sales and shipments and advised customers who set up devices bought from CryptoBilis in the previous 90 days to move funds to a new device initialized with a freshly generated recovery phrase. CryptoBilis also suspended hardware-wallet sales and shipments in Malaysia, the Philippines and Indonesia. Customers who bought devices but have not set them up were advised not to start installation. The reseller’s ownership change and reports that a hidden communications module was found inside one device have heightened supply-chain attack concerns. However, investigators have not established a direct link between those reports and the theft, and the attack route remains unknown. On-chain activity suggests attackers prepared and tested transfers weeks in advance. The Ledger theft has intensified scrutiny of hardware-wallet security and third-party sales channels, but its broader market impact remains uncertain.

Neutral

The incident is serious for affected wallet users and may prompt short-term caution toward BTC, ETH and TRX, as well as renewed scrutiny of self-custody and hardware-wallet security. However, the reported losses are tied to a specific reseller and the attack route is unconfirmed; Ledger has said there is no indication its own systems were compromised. The theft does not by itself change the fundamentals or supply of the named cryptocurrencies. Tether’s freeze may limit some USDT losses, while movement of funds through mixers and other channels could sustain security-related headlines. Traders may therefore see temporary risk aversion or volatility, but absent evidence of a wider protocol or market-wide breach, a lasting price effect on BTC, ETH or TRX is not established. Overall, the likely direct price impact is neutral.