Ledger–CryptoBilis Theft Losses Near $93 Million as Funds Move to USDD and Tornado Cash

Ledger is investigating cryptocurrency thefts affecting Southeast Asian customers who bought hardware wallets from reseller CryptoBilis, with Bitquery estimating losses at approximately $93 million. Ledger said it believed affected devices were limited to those sold through CryptoBilis and reported no indication that its own security infrastructure, systems, or services had been compromised. The theft mechanism remains unconfirmed. Ledger asked CryptoBilis to suspend sales and shipments, advised buyers from the preceding 90 days not to initialize unused devices, and recommended that users of already initialized devices consider transferring assets to a new Ledger device with a new seed.

Tether froze theft-linked USDT, with Bitquery reporting approximately $10 million frozen across 20 wallets, but other funds moved beyond Tether’s freeze controls. Bitquery estimated that 14.9 million USDT had been converted into USDD; TRON records showed one linked address converting 2 million USDT before the incident’s first blacklist actions. On October 10, a wallet MistTrack linked to the thefts routed 464 ETH, worth approximately $1.16 million, into Tornado Cash through 23 deposits, further complicating tracing and recovery. Frozen assets do not automatically reimburse victims, and the amount ultimately recoverable remains unknown.