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Ledger warns of $90M theft risk as Tether freezes stolen USDT

Tether’s freeze targets USDT tied to the suspected Ledger wallet incident, while Ledger paused hardware wallet sales and shipments from its Southeast Asia reseller CryptoBilis during the probe.

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Suspected Ledger wallet thefts tied to compromised devices are nearing $90 million, according to blockchain investigators, as Tether moved to freeze a tranche of stolen USDT linked to the incident. CryptoSlate reports that in an Oct. 9 statement, Ledger said it was investigating reports of customers losing funds after buying devices from CryptoBilis, an authorized reseller in Southeast Asia.

As a precaution, Ledger asked CryptoBilis to pause sales and shipments of its hardware wallets while the investigation continues. Ledger also advised customers who purchased devices from CryptoBilis in the past 90 days not to initialize them if they had not yet completed setup.

For customers who already configured their wallets, Ledger urged them to transfer their cryptocurrency to a new Ledger device initialized with a fresh recovery phrase. CryptoBilis appears in Ledger’s official reseller directory for Malaysia, Indonesia, and the Philippines, and Ledger said authorized distribution channels are meant to reduce the risk of counterfeit or compromised hardware.

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