Ledger faces scrutiny after user claims $2.5M in Bitcoin, NFTs stolen

Key Takeaways

• A user reported losing $2.5 million in Bitcoin and NFTs due to a security breach on a Ledger Nano S.
• The incident has raised questions about Ledger's security practices, prompting community scrutiny.

Share this article

Ledger’s security practices are under scrutiny after a crypto user reported losing approximately $2.5 million in digital assets stored on a Ledger hardware wallet, including 10 Bitcoin valued at $1 million and $1.5 million worth of NFTs.

The user, identified as @anchor_drops on X, claimed the assets were stolen from their Ledger Nano S device, which had been purchased directly from Ledger. According to the user’s post, the seed phrase was securely stored and never entered online, and no malicious transactions were signed.

“The device had not been used for two months,” @anchor_drops stated on X, raising questions about the security breach’s nature.

Source: @anchor_drops

The incident has sparked mixed reactions within the crypto community. Some users suggested that the loss might be related to a long-standing vulnerability that had resurfaced. There were also widespread concerns about potential flaws in Ledger’s security system.

Many were more skeptical, suggesting that there might be more to the story. Some community members suspected that the incident may be linked to human error rather than a flaw in Ledger’s security systems. This means that even if the user believed they were careful, they could have mishandled the wallet.

A community member said that if this type of loss were widespread, many crypto holders would have lost their funds.

Ledger has yet to address the user’s report.

Share this article