Compromised Ledger crypto wallets lead to 2 Singapore users losing $3.5m

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Two Singapore users of Ledger wallets collectively lost $3.5 million in cryptocurrency due to compromised hardware.The police said in an advisory on Wednesday (Oct 28) that they received reports of at least two cases since Sept 10.A Ledger hardware wallet allows users a secure way to store their private crypto keys on a physical device.According to the police's preliminary investigations, Ledger hardware wallets purchased from some retail stores in Singapore contained malicious hardware components.These components could capture users' recovery phrases or private keys, allowing unauthorised people to access their crypto wallets and transfer assets without their knowledge or consent.The police said they are in contact with Ledger, which is reviewing the affected cases.Police investigations are ongoing.On Oct 13, Ledger said on X (formerly Twitter) that it has asked resellers and distributors in Southeast Asia, including Singapore and Hong Kong, to suspend sales of Ledger devices.