Singapore Police Report S$3.5 Million Lost Through Tampered Ledger Crypto Wallets

Cryptocurrency investors in Singapore have lost approximately S$3.5 million ($2.7 million) after purchasing compromised Ledger hardware wallets. The Singapore Police Force disclosed the losses on October 28, 2026, confirming at least two reported cases since September 10. Preliminary investigations found malicious hardware components inside devices purchased from certain local retailers.

The unauthorized components could capture users’ private keys or recovery phrases, allowing attackers to access cryptocurrency wallets and steal funds. Hardware wallets normally protect digital assets by storing private keys offline. However, physical tampering can undermine these security protections. Ledger previously investigated compromised devices distributed through regional reseller CryptoBilis and confirmed an unauthorized hardware implant in one device.

Following the security concerns, Ledger requested that resellers and distributors across Southeast Asia suspend device sales while investigations continue. The restrictions cover Singapore, Malaysia, Indonesia, Thailand, the Philippines, Vietnam, and Hong Kong. Singapore police are coordinating with Ledger to examine the affected devices. Authorities also warned users against entering recovery phrases into suspicious wallets and recommended moving remaining assets to trusted devices with newly generated recovery phrases.