At least two cases involving tampered Ledger cryptocurrency hardware wallets have been reported in Singapore since 10 September 2026, resulting in losses of approximately S$3.5 million.
The Singapore Police Force (SPF) disclosed the cases in an advisory issued on 28 October, warning that some Ledger devices purchased from retail stores in Singapore contained malicious hardware components.
Preliminary investigations found that these components could capture users’ recovery phrases or private keys, allowing unauthorised parties to access their cryptocurrency wallets and transfer funds without their knowledge.
Police are in contact with Ledger, which is reviewing the affected cases. Investigations remain ongoing.
Ledger Previously Suspended Sales Across Southeast Asia
The advisory comes after Ledger suspended sales through resellers and distributors across Southeast Asia, including Singapore and Hong Kong, earlier this month following reports of compromised devices.
The company had been investigating cryptocurrency thefts involving devices sold through CryptoBilis, a Malaysia-based reseller operating in Malaysia, Indonesia and the Philippines.
Ledger previously confirmed finding an unauthorised hardware implant in one affected device but has not established whether other devices were compromised in the same way.
Blockchain analytics firm Bitquery estimated that US$102 million had been stolen from 324 cryptocurrency wallets linked to devices sold through CryptoBilis, up from an earlier estimate of US$86 million.
The findings, updated on 12 October, have not been independently confirmed by Ledger.
Police Advise Users to Safeguard Their Crypto Assets
Singapore police have urged cryptocurrency users to follow official advisories from hardware wallet providers and avoid using devices suspected of being tampered with.
Users should not enter recovery phrases or conduct further transactions on potentially compromised devices.
Those who suspect their private keys or recovery phrases have been exposed should consider transferring their remaining assets to a trusted wallet with a newly generated recovery phrase using an uncompromised device.
Police also warned users against sharing private keys or recovery phrases with anyone, including individuals claiming to represent wallet providers, cryptocurrency exchanges or law enforcement agencies.
Members of the public with information relating to such incidents can contact the police hotline at 1800-255-0000.
Featured image: Edited by Fintech News Singapore, based on images by Ledger and pixelshunter via Magnific
