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In October 2025, hardware wallet manufacturer Ledger faced an unprecedented crisis of confidence. More than 300 users reported stolen assets, with independent investigators estimating losses of between $86 million and $92.9 million. As the investigation deepened, a Southeast Asian distributor called CryptoBilis came into the public eye—and numerous questions surrounding changes in its ownership cast an even more complex shadow over the supply chain attack.
The heart of the incident: confirmation of a supply chain attack
In early October, Ledger officially confirmed that some users’ devices had been maliciously tampered with before initialization. By physically implanting or preloading seed phrases, the attackers caused users to transfer their assets, unknowingly, to wallets controlled by hackers. Ledger acted quickly, asking CryptoBilis to suspend sales and advising users who had purchased devices through the distributor in the past 90 days to stop using the associated wallets immediately and transfer their assets to new, secure addresses.

I. Tonight’s main event: a “late-arriving meeting record”
First, a quick explanation. The Federal Reserve holds eight rate-setting meetings a year (FOMC meetings). On the day each meeting ends, it releases a brief policy statement telling you “what decision was made.” The minutes are not published until three weeks later. They record “why that decision was made”: what the members debated, what they were concerned about, and how deep their disagreements were.
For example: the policy statement is like a court’s verdict, while the minutes are like the judges’ private deliberations. The verdict gives just one conclusion, but the minutes contain clues about how the court might rule next time.

— Major Cryptocurrencies —
$BTC 82,624.76 (+0.41%)
$ETH 2492.63 (-0.083%)
BNB 745.82 (+0.59%)
SOL 109.72 (-0.82%)
The broader market is moving in a narrow range, with no clear direction yet.
— Today's Top News —
1. Franklin Templeton, with $1.79 trillion in assets under management, explores regulatory exemptions for trading tokenized funds
2. CARV will unlock approximately $1.62 million worth of tokens tomorrow (October 11), representing 5.85% of the circulating supply
3. PEAQ will unlock approximately $3.21 million worth of tokens on October 13, representing 3.2% of the circulating supply
4. The mystery behind the Ledger hardware wallet theft: a spyware module was implanted, and a China-linked distributor has emerged