Ledger confirmed an investigation and a precaution on 9 October 2026; the $86M+ loss figure is a third-party estimate and the cause is unknown. The piece maps the hypotheses (pre-initialised device, counterfeit, implant, phishing) onto Ledger's new-signer, new-seed advice and lists what the evidence does not establish.
Questions
As of 9 October 2026, Ledger says it has received no reports involving devices bought directly from the company and that its infrastructure was not compromised. That reflects reports received so far, not proof that no direct purchase could be affected. The standard checks still apply: the device should generate the seed itself on first start, and no recovery words should come pre-printed in the box.
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