Hackers Hid a Spy Chip in Ledger Wallets to Steal $93M | CoinDesk Daily

Some Ledger wallets sold through Southeast Asian reseller Crypto Billus reportedly contained covert hardware implants that captured and transmitted users’ 24-word recovery phrases when those phrases appeared on the wallet screen during setup. The reported method targeted the recovery phrase at the point it was displayed, rather than relying only on a compromise of users’ online accounts.

On-chain researchers estimated that more than 300 wallets were affected, with losses reaching as much as $93.2 million. The transcript also cited a $10 million freeze by Tether, but did not clearly establish whether those funds were connected to the wallet thefts. The distinction matters: the reported freeze should not be treated as a confirmed recovery or as a measure of how much of the estimated losses was traced.

The reported implant raises a security concern beyond the software used to manage crypto: a compromised device could expose a recovery phrase during setup and give an attacker access to assets controlled by that phrase. The source notes do not establish how the implants were installed, how many affected devices were sold, or whether the estimated losses represent a final total.

South Korea’s Financial Intelligence Unit is blocking 27 websites associated with unregistered crypto activity, including Kucoin, Bitmart, and Mexy. The unit can block websites without waiting for a court ruling or proof that customers have suffered losses, giving the regulator a means to act before those conditions are established. An estimated $110 billion in crypto left South Korean exchanges in 2025, though the transcript does not attribute that outflow specifically to the sites being blocked.

Tom Lee argued that inherited wealth could help drive the next crypto bull market, on the view that younger heirs may have a higher appetite for risk and could invest in crypto equities. IRS and Bunstrat estimates put the potential transfer of wealth at $1.5 trillion to $2 trillion from 2026 through 2028. That is a proposed source of future demand, not evidence that the money will flow into crypto or that it will trigger a bull market.

Bitmine bought another 12,500 ether last week, bringing its holdings to about 4.9% of ETH’s total supply. The purchase adds to the company’s position, but the transcript provides no further detail on its funding, purchase strategy, or intended use of the ether.