Crypto users in Singapore reportedly lost around $3.5 million after using fake Ledger hardware wallets.
The Singapore Police Force (SPF) said at least two cases have been reported since September 10, 2026.
Wallet tampering
Preliminary investigations find that some Ledger wallets purchased from retail stores in Singapore contained malicious hardware components. These components could steal users’ recovery phrases or private keys. Using this information, attackers could access wallets and move crypto assets without the knowledge or approval of the owners.
Police said they are working with the French crypto wallet maker, which is looking into reported cases. Investigations are still ongoing.
The SPF urged crypto holders to take precautions, especially if they suspect their hardware wallets have been compromised. Users should stop entering recovery phrases on suspicious devices and avoid making further transactions through them. Instead, they should contact their wallet provider through official support channels. Anyone who believes their recovery phrase or private key has been exposed should consider moving their remaining funds to a new, reliable wallet. This must be configured on a safe device with a newly generated recovery phrase.
Police also warned users against sharing private keys or recovery phrases with anyone. This includes people claiming to work for wallet providers, crypto exchanges, or law enforcement agencies.
Investigating CryptoBilis
The Singapore cases come amid an earlier investigation into falsified Ledger hardware wallets distributed through CryptoBilis, a reseller operating in Southeast Asia.
Earlier this month, the company confirmed that it found an unauthorized hardware implant in a wallet belonging to an affected customer. The discovery follows reports of alleged crypto losses of more than $80 million involving devices sold through the reseller in Indonesia, Malaysia and the Philippines. Losses were later estimated at around $102 million across 335 wallets across five blockchains by blockchain analytics firm Bitquery.
Ledger said it contacted affected users and worked with authorities. It also asked CryptoBilis to stop selling its entire inventory of hardware wallets while the investigation continues. The company said it found no evidence that its own security systems, services or infrastructure had been compromised.
Concerns have also emerged over a Ledger device reportedly purchased from MediaMarkt in Europe. One user on X claimed that the device showed signs of possible tampering. However, this claim has not been verified and users disagree on what the images actually show.
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