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If you bought a Ledger device from Southeast Asian reseller CryptoBilis in the past 90 days and have not set it up, The Block reported on Oct. 9, 2026, that Ledger advised buyers in that situation not to begin setup while it investigates customer loss reports. The cause and the total losses have not been confirmed. If your device is already initialized, the report says Ledger advised considering a move to a new Ledger signer with a newly generated recovery phrase.
What has Ledger reportedly advised CryptoBilis buyers to do?
The Block reported on Oct. 9, 2026, that Ledger asked CryptoBilis to pause sales and shipments while it investigates reports from customers in Southeast Asia. The report describes two different recommendations, based on whether a buyer had set up the device:
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- Not yet set up: Buyers who purchased from CryptoBilis in the prior 90 days were advised not to begin setup.
- Already set up: Buyers were advised to consider moving assets to a new Ledger signer using a newly generated recovery phrase.
These are recommendations attributed to The Block’s report; they are not a substitute for individualized instructions from Ledger. If you may be affected, contact Ledger through its official support site and consider contacting relevant authorities.
How much money was reportedly lost, and is the cause known?
The Block cited an on-chain estimate of more than $72 million in suspected losses. It also attributed an estimate of more than $86 million to on-chain researcher Specter. Both figures are unconfirmed estimates, not a confirmed final loss total; attribution and the amount remain unsettled.
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- Enjoy Bluetooth connectivity, iOS access, and hours of battery use with this mobile-first, secure backup signer. Freedom you can depend on.
- Genuine Check: confirm your signer is authentic during setup with the Ledger Wallet app.
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The cited report does not establish how the losses occurred. It does not confirm that CryptoBilis devices were pre-seeded or tampered with, or that a Ledger hardware vulnerability caused the reports. Treat explanations about the mechanism as unverified unless Ledger or other reliable evidence establishes them.
What should a legitimate Ledger device look like during setup?
Ledger’s buying guidance says a legitimate signer should not arrive with a recovery phrase or PIN already configured. The device generates a recovery phrase during setup, and that phrase must remain private. Do not use a phrase supplied on a card, printed in instructions, sent by a seller, or otherwise offered before you complete setup. Ledger’s guidance puts it plainly: “If anything prompts you for it, it’s a scam.” The “it” refers to your secret recovery phrase.
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Never share that phrase or type it into a website, message, or application. Ledger warns that scam messages may ask for the 24 words. Download Ledger Wallet only through Ledger’s website, and use Ledger’s official support site if you need help.
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How can you check where a Ledger device came from?
Ledger recommends buying directly from Ledger, from an official or authorized reseller storefront on Amazon, or from another authorized reseller, and checking product authenticity and integrity with Genuine Check. An Amazon marketplace listing alone does not establish that its seller is authorized. Seller authorization can change, so check Ledger’s current authorized-reseller information rather than relying on an old list or a marketplace label.
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- Connect effortlessly with Ledger Wallet: pair your secure Ledger signer with the all in one Ledger Wallet crypto app to manage thousands of digital assets across multiple devices and accounts with Ledger Sync from a single, secure dashboard.
- Playful, user-friendly design: monitor the market, compare rates and Clear Sign all transactions on the secure 2.8'' anti-glare, scratch-resistant touchscreen.
- This is what security feels like: Ledger touchscreen signers all come with a private, offline, PIN-protected backup, Ledger Recovery Key, to never lose access to your assets.
| Purchase or setup situation | What to verify |
|---|---|
| Buying directly from Ledger | Use Ledger’s official store and complete setup yourself, with a phrase generated by the device. |
| Buying from an authorized reseller | Check the seller against Ledger’s current registry; then use Genuine Check and complete setup yourself. |
| Buying through a marketplace or an unverified seller | Do not assume the seller is authorized from the platform or listing alone. Verify authorization and product integrity before relying on the device. |
| Device arrives initialized or with a phrase or PIN supplied | Do not use the supplied credentials or send funds to an account protected by them. Contact Ledger through its official support channel. |
These checks reduce avoidable risks, but no single check should be treated as proof against every possible problem.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why is an initialized device a warning sign?
Ledger’s Jan. 12, 2018 warning described a separate case involving a second-hand Nano S that arrived already initialized, with 24 seed words provided by the seller. Because the seller also had a copy of those words, the seller could access funds controlled by that phrase. Ledger advised buyers to initialize devices themselves, generate their own PIN and recovery words, and contact support if a device was already initialized.
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That historical case explains why using someone else’s recovery phrase is unsafe; it does not establish what caused the current CryptoBilis reports.
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