Ledger traces CryptoBilis theft to $93M; Tether freezes $10M

Ledger confirmed an unauthorized hardware implant in at least one device sold by Southeast Asian reseller CryptoBilis and says every confirmed case traces to that authorized sales channel — a framing critics reject, with one prominent X user writing "It's not a CryptoBilis incident, it's a Ledger incident."

Blockchain analytics firms estimate up to $93–94.5 million was drained from wallets tied to the affected devices: Bitquery traced $93.2 million across 315 wallets and six blockchains, while YFarmX counted $94.5 million from 521 addresses on seven chains. Tether froze $10 million in USDT tied to the theft, and roughly $81 million remained traceable onchain as of Oct. 11, with some funds moved through Tornado Cash and Zcash.

• Ledger advised CryptoBilis customers not to set up unused devices and to move assets to a new device with a newly generated recovery phrase.
• Ledger has not confirmed the total stolen or said whether it is considering reimbursements.