Blockchain analytics firm Bitquery estimates that US$102 million was stolen from 324 cryptocurrency wallets in an incident linked to Ledger devices sold through Malaysian reseller CryptoBilis.

The findings, updated on 12 October, increase the estimated losses from the previously reported US$86 million after researchers identified additional transactions.

According to the report, approximately US$79.3 million was taken from wallets on Tron and US$16.8 million from Bitcoin, with the remaining losses spread across Ethereum, BNB Chain, Polygon and Solana.

Bitquery’s analysis suggests that a single actor may have had access to the keys needed to move funds from the affected wallets.

It found that 25 Tron wallets recorded approvals for the same address within three seconds, followed by withdrawals totalling US$29 million.

Another 30 wallets had their permissions changed before approximately US$5.8 million was withdrawn.

The firm also identified 41 small transaction sequences across Tron and Ethereum in the preceding two weeks, which it interpreted as tests of the withdrawal process.

However, the blockchain records do not establish how the keys were obtained.

Ledger previously confirmed finding an unauthorised hardware implant in one affected device but has not established whether others were compromised in the same way.

The company said all cases it had verified from the 9 October incident involved devices sold through CryptoBilis.

It maintained that its internal systems and direct sales channels remained unaffected.

Bitquery reported that Tether had frozen US$10 million in USDT across 20 wallets linked to the incident.

It also traced funds through cryptocurrency swapping services and privacy tools, including Tornado Cash and Zcash.

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