A suspected scammer lost $4.8 million in funds after their Ledger wallet addresses were drained. These funds were part of a larger theft involving Ledger devices sold through the reseller CryptoBilis, which operates in Malaysia, Indonesia, and the Philippines.
According to Chainalysis, the scammer had collected money from a task scam before their own addresses were emptied on October 9. The stolen assets were transferred into a wallet already flagged for holding illicit funds, highlighting how stolen capital often moves through known malicious addresses.
Total losses from the wider Ledger drain are estimated near $102 million. Data from Bitquery indicates that approximately $79.3 million was held on the TRON blockchain, primarily in USDT, while Bitcoin losses reached roughly $16.8 million or 203.8 BTC.
Ledger advised customers who purchased devices from CryptoBilis within the 90 days prior to the incident to avoid setting them up. Users who had already initialized their wallets were instructed to move their funds to a new seed phrase immediately.
Tether has frozen approximately $10 million in USDT associated with the incident. Chainalysis is currently tracking the movement of these funds through various channels, including Tornado Cash, Zcash, and cross-chain bridges.
