SINGAPORE, Oct 28 — Two Singapore users of Ledger wallets collectively lost S$3.5 million (RM11.13 million) in cryptocurrency due to compromised hardware.
The police said in an advisory on Wednesday (October 28) that they received reports of at least two cases since September 10.
A Ledger hardware wallet allows users a secure way to store their private crypto keys on a physical device.
According to the police’s preliminary investigations, Ledger hardware wallets purchased from some retail stores in Singapore contained malicious hardware components.
These components could capture users’ recovery phrases or private keys, allowing unauthorised people to access their crypto wallets and transfer assets without their knowledge or consent.
The police said they are in contact with Ledger, which is reviewing the affected cases.
Police investigations are ongoing.
On October 13, Ledger said on X (formerly Twitter) that it has asked resellers and distributors in Southeast Asia, including Singapore and Hong Kong, to suspend sales of Ledger devices.
It said in earlier posts that it is investigating Ledger wallets sold by CryptoBilis, a South-east Asia reseller, for containing an unauthorised hardware implant.
Ledger said it confirmed the incident on October 10 for one affected user.
Ledger is investigating reports of loss of funds from users in South East Asia who purchased products from a reseller named CryptoBillis. As a precaution, and pending the results of our investigation, we have asked CryptoBilis to pause all sales and shipments of Ledger devices. We recommend Ledger users who purchased from this reseller in the last 90 days to not initiate set up if you have not done so yet. If you have set up your Ledger device, consider moving assets to a new Ledger signer (with new seed). We will continue to inform customers of updates as the investigation progresses. Reach out to Ledger customer support through official channels with any questions: https://t.co/4p918UH8yb
— Ledger Support (@Ledger_Support) October 9, 2026
Police advised members of the public to be cautious when holding or transacting cryptocurrencies.
Crypto users should stay updated with advisories of their respective hardware wallet providers, avoid holding cryptocurrencies in devices suspected to be tampered with, and take appropriate steps to safeguard them.
Those who suspect that their recovery phrases or private keys have been compromised should consider transferring their remaining crypto assets to a new, trusted wallet with a newly generated recovery phrase using an uncompromised device.
Anyone with information relating to such crimes should call the police hotline at 1800-255-0000 or submit it online at www.police.gov.sg/i-witness. — AsiaOne
