French hardware wallet maker Ledger is investigating reported crypto thefts linked to Malaysian reseller CryptoBilis, with an independent researcher estimating suspected losses at over US$86 million.

According to The Block, on-chain investigator Specter estimated the losses after tracing funds sent to suspected theft addresses across Bitcoin, Ethereum and Tron.

Ledger has yet to confirm the amount stolen or the total number of affected customers.

The French company manufactures hardware wallets that store the private keys needed to access cryptocurrencies offline.

CryptoBilis, headquartered in Petaling Jaya, Selangor, is listed as an authorised Ledger reseller in Malaysia, Indonesia and the Philippines.

On 9 October, Ledger announced through its official support account on X that it had asked CryptoBilis to suspend all sales and shipments of its devices as a precaution.

The company initially advised customers who had purchased devices from CryptoBilis within the previous 90 days not to activate them if they had not already done so.

Those who had set up their devices were advised to consider transferring their cryptocurrency to a new Ledger device using a newly generated recovery phrase.

In a subsequent update on X, Ledger confirmed that one affected customer’s device contained an unauthorised hardware implant. It has not established whether other devices were compromised in the same way.

In a later 72-hour update, Ledger stated that all confirmed cases linked to the 9 October thefts involved devices sold through CryptoBilis.

It maintained that the number of affected devices was limited and that its internal systems and direct sales channels remained unaffected.

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