Ledger Hardware Wallet Users Lose Over $86M in Suspected Supply-Chain Attack

This shifts the threat model from seed-phrase phishing to the physical supply chain, meaning a device bought through a reseller can arrive compromised before a user ever generates a key — a harder failure to detect and a direct hit to the trust assumption hardware wallets are sold on. The losses spanning Ethereum, TRON and Bitcoin show the exposure is chain-agnostic, and the reseller channel across Southeast Asia is the common thread. The open question is how Ledger and its reseller network handle device provenance and verification going forward, and whether the reseller route survives as a trusted distribution path.