Ledger Investigates Alleged $86 Million Crypto Wallet Theft

Crypto hardware wallet manufacturer Ledger is investigating reports of stolen cryptocurrency linked to devices purchased through a Southeast Asian reseller, following allegations that more than $86 million may have been taken from hundreds of wallets.

The suspected crypto theft was flagged Friday by pseudonymous blockchain investigator Specter, who claimed on X that suspicious transactions involving Bitcoin, Ethereum and Tron could be connected to a widespread security incident.

Specter reportedly identified potential theft addresses after reviewing complaints from Ledger customers on X and Reddit. However, the estimated $86 million loss remains unverified, and investigators have not established whether the reported incidents share a common cause.

Ledger confirmed receiving complaints from customers who purchased hardware wallets through CryptoBilis, a third-party reseller operating in Southeast Asia. The Paris-based company has not confirmed the alleged losses or identified any security vulnerability.

As a precaution, Ledger instructed CryptoBilis to suspend device sales and shipments while the investigation continues.

Customers who bought Ledger wallets from the reseller within the past 90 days were advised against activating their devices. Those who have already configured their wallets should consider transferring their cryptocurrency to a new Ledger device using a newly generated recovery phrase.

The suspected incident adds to growing concerns about cryptocurrency security following several major exploits in 2026.

According to DefiLlama data, crypto exchange Bitget suffered losses exceeding $350 million in September. Other significant incidents involved Liquid Network, Drift and Kelp, with estimated losses of $320 million, $295 million and $293 million, respectively.

Founded in 2014, Ledger has sold more than 7 million hardware wallets worldwide. Its devices are designed to store cryptocurrency private keys offline, reducing exposure to online attacks.

One potential explanation for the reported thefts is a supply-chain attack, where devices are compromised before reaching customers. Attackers could potentially distribute wallets containing recovery phrases they already control, allowing them to steal deposited funds.

However, Ledger has not confirmed any device tampering, compromised recovery phrases or breach of its internal systems.

The investigation remains ongoing, with the number of affected customers and total cryptocurrency losses still uncertain.

Ledger said additional information would be released as investigators determine the circumstances surrounding the suspected theft.