Hacks & Security
Bearish
Monahan says recent Ledger loss reports stem from panic scams
Image: UnchainedSecurity researcher Taylor Monahan said recent Ledger-related loss reports she has handled came from owners who panicked and fell for scams, not tampered devices. The scams involved recovery-phrase phishing. A genuine supply-chain issue involved a limited number of Ledger devices sold through CryptoBilis. Ledger has said confirmed losses involve CryptoBilis devices. Ledger says it will never ask for a 24-word recovery phrase.
Key points
- Taylor Monahan said recent Ledger loss reports she worked on came from panicked owners who fell for scams, not tampered devices.
- Monahan said the reports she handled involved phishing, not widespread device tampering.
- A genuine supply-chain problem involved a limited number of Ledger devices sold through CryptoBilis, an authorized reseller.
- Ledger has said confirmed losses or implants involve devices sold through CryptoBilis.
- Ledger says it will never ask users for their 24-word recovery phrase.
Why it matters
The reports indicate that fear after a supply-chain incident can lead owners to hand over recovery phrases to scammers. Ledger says it never asks for the 24-word phrase.
What's unclear
Loss totals differ across the reports: one cites $102.0 million from 324 wallets, another cites $70 million to $100 million and on-chain figures of $86 million to $93 million.
Ledger has not confirmed a total loss figure for the incident.
Sources · 2 publishers
Crypto Briefing
Tier 2
Ledger loss reports stem from panic scams, not tampered devices, says Monahan
Coverage timeline
- First reported by Unchained
- Also reported by Crypto Briefing
- CryptoVideos brief published
How this page is checked. AI drafted this brief from selected independent reports. Automated checks compare numbers, source coverage and topic terms, but may miss errors. Publication and evidence refreshes run automatically. Read the linked reports for context. Report an error
