New Development in Ledger Supply Chain Probe: Key Distributor's Ownership Shift

The investigation into the suspected Ledger hardware wallet supply chain attack has taken a significant turn. Recently uncovered corporate documents reveal a major change in the ownership structure of CryptoBilis, the Malaysian distributor at the center of the inquiry.

Corporate Records Point to Chinese National

According to the latest business registry filings, an individual named Jiaming, with a registered address in China's Heilongjiang Province, has held 100% of the shares in CryptoBilis since August 3, 2023. This change occurred shortly before reports emerged about Ledger devices potentially being tampered with.

Founding Team Confirms March Exit

A former co-founder of CryptoBilis confirmed to media that the company's acquisition was finalized in March of this year. The original shareholder team completely withdrew from the company's daily operations, management, and administrative roles following the transaction.

"After the handover, we effectively lost visibility into the company's actual operations," the former founder stated. "We only provided limited assistance with coordinating certain activities. It's crucial to understand we are no longer part of the company." He urged the current management to handle the ongoing investigation with transparency.

Investigation Context and Current Business Status

This ownership revelation comes as security researchers investigate a possible supply chain attack targeting Ledger hardware wallets. Reports suggest some devices in circulation were implanted with hidden modules capable of stealing user seed phrases, drawing attention to CryptoBilis as a regional distributor.

It is important to note that currently available investigative materials have not established direct, conclusive evidence linking this ownership change to the subsequent digital asset thefts.

In response to the situation, CryptoBilis has implemented the following measures:

  • Sales Halted: Temporarily suspended all hardware wallet sales through its physical stores and online channels in Malaysia, the Philippines, and Indonesia.
  • Shipments Stopped: All pending orders are on hold.
  • Stores Closed: Physical retail locations are shut until further notice.

The investigation remains ongoing, with multiple agencies expected to continue tracing fund flows and auditing security across the supply chain.