Uneasy Money: Why Ledger's Supply Chain Became a Nearly $100M Target

A Ledger reseller's devices shipped with a hidden LTE modem inside. Taylor Monahan lays out how it passed the genuine check and why panicking now costs more.

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Genuine Ledger devices sold through the reseller CryptoBilis shipped with an LTE chip and eSIM wired inside, intercepting seed phrases on their way to the screen. The losses are estimated at $70 million to $100 million over roughly four months.