Singapore police said components capable of stealing recovery phrases or private keys were found in some Ledger hardware wallets purchased from local retailers, with reported cases resulting in losses of around $2.7 million.
According to Wu Blockchain, police said in a statement dated October 28 that malicious hardware had been found embedded in the devices. The findings involve some devices purchased from local retailers in Singapore.
Millions of dollars lost in at least two cases
Police received reports of at least two cases since September 10. Total losses linked to these cases were reported at approximately 3.5 million Singapore dollars, or $2.7 million.
The components found target recovery phrases and private keys, which are critical for accessing assets in the wallet. For this reason, the investigation is focused not only on whether the device works, but also on the risk of users’ confidential information being compromised.
French hardware wallet manufacturer Ledger is investigating the affected cases. Police investigations into the incidents are also ongoing.
Not investment advice.