Details of the Hardware Breach of Ledger Wallets and Theft of Assets

Details of the Hardware Breach of Ledger Wallets and Theft of Assets
📊 Background

💡 Reports describe a hardware hack of Ledger wallets sold by the distributor Cryptobilis

🔥 Malicious components fitted with a processor and a communication chip had been placed inside the devices' casings

Focus

🧐 The malicious implants recorded the 24-word recovery phrases from the screen during setup

💡 The captured data was sent to the hackers via the mobile network and an internal SIM card

🔥 The added component caused no damage to the device's secure chip and did not alter transactions

Implications

💡 Estimated potential losses range from $86 million to more than $103 million

🧐 The distributor Cryptobilis has halted sales of hardware products in East Asia

🔥 Trezor and OneKey have also cut ties with the distributor to reduce risk

Conclusion

🧐 Buying directly from the original manufacturer and reviewing the European reports is essential to ensure security
⚖️ #Ledger #HardwareHack #Cybersecurity #Crypto