Ledger investigating $86 million in user thefts

You ever seen the Grand Theft Auto meme where the guy's walking? It's like, oh, I don't know if I can say the word.

It's the S word. Oh sh. Here we go again, right?

That's how it's starting to feel with hacks in crypto.

Ledger users reportedly drained of over 86 million across several blockchains.

So everybody in crypto, obviously at this point has PTSD after the cold card hack because we believe self- custody was always safe, you could be your own bank, uh and that shook the Bitcoin community to its core.

This is an ongoing story that just broke at about 10:00 a.m. today.

So just about two hours ago. So we don't really know what's going on here.

An on-chain analyst named Spectre estimated suspected losses around 86 million involving hundreds of wallets across Bitcoin, Ethereum and Tron.

I have not seen a comment from Ledger yet.

According to B in Crypto's reporting of Ledger support statement, the company is investigating lost funds involving customers of crypto Bilis, a Southeast Asian reseller.

So you'll remember that uh these that Trezo recently lost everyone's data because of their shipping partner.

Now Ledger had had their breaches in the past, it seems to always come with one of the third parties, but it remains.

The question is, when you participate in self- custody, who are you actually trusting for all the steps in between?

The whole point of self- custody was no counterparty risk.

But there's a lot of counterparties you don't even know exist like the third-party resellers who have your data or can gain some sort of access.

So we don't know if anyone's individual device was hacked, to be clear, we don't know if this was a fishing scam, like, you know, you get an email from this third party telling you, you know, you need to move your coins from one device to another and you get hacked.

But we do know that there has been an exploit, that money has been stolen, and that it's coming exclusively in this case from ledger devices.

Doesn't mean that somebody broke ledger's hardware security.

So, uh, man, it's hard to keep reporting on these things, honestly, so I'm going to hope that uh this one is not as bad as it seems.