Ledger’s early implant warnings deserved more action, Karpelès says

French hardware wallet maker Ledger received multiple reports of malicious hardware implants months before its latest security crisis, according to Mark Karpelès, former CEO of the collapsed Bitcoin exchange Mt. Gox.

Karpelès told Cointelegraph he was aware of at least two people who contacted Ledger about tampered devices dating back to December 2025. Karpelès said he hasn’t encountered any public warning Ledger issued in response.

Joe Grand, a security researcher, told Cointelegraph he alerted Ledger on March 4, 2026, about a malicious implant in a Nano X purchased through online marketplace Lazada Thailand in August 2025.

Grand said Ledger acknowledged his findings and said it was investigating internally, but he criticized the company for not proactively warning customers about the threat.

Vietnamese crypto educator Tai Zen contacted Ledger about a suspected hardware wallet implant in December 2025, according to Mark Karpelès. Source: Tai Zen

Ledger’s ongoing security crisis surfaced Oct. 9, when crypto losses were reported involving wallets sold through CryptoBilis, a reseller authorized in Southeast Asia. Ledger has confirmed that one affected device contained an unauthorized implant.