Tampered Ledger Wallets Cause S$3.5M Singapore Losses

Singapore police are investigating at least two cases involving tampered Ledger hardware wallets bought from local retailers. Reported losses total about S$3.5 million (US$2.7 million), with cases dating back to 10 September. Preliminary findings indicate malicious hardware components may have captured recovery phrases or private keys, allowing unauthorised transfers. Ledger is reviewing the cases. On 13 October, it asked retailers in Singapore and several other Asian markets to suspend sales; the later report also says sales and shipments were paused in multiple Southeast Asian markets. The incidents followed the discovery of a hardware implant in a device distributed by regional reseller CryptoBilis. Ledger says confirmed cases involve reseller channels, not its own systems or direct sales. The Singapore losses are separate from blockchain analysts’ estimate of more than US$86 million linked to compromised wallets, which Ledger says it cannot verify. The Ledger hardware wallet incidents highlight supply-chain risks for crypto holders. Traders should verify device sources and consider any potentially exposed recovery phrase compromised.