Ledger probes CryptoBilis wallet loss reports; Bitcoin insurer Meanwhile raises $37.5M
In brief
- CryptoBilis, Ledger's authorized Southeast Asian reseller, was told to suspend sales and shipments during the investigation.
- Alleged losses put at $72M to $86M by researchers; Ledger hasn't verified those figures.
- Ledger said its infrastructure and services weren't compromised.
- Bitcoin life insurer Meanwhile raised $37.5M in a round led by Bain Capital Crypto.
- ESMA opened a call for evidence on tokenized collateral in clearing.
Ledger tells CryptoBilis to pause sales
Ledger has instructed CryptoBilis to suspend sales and shipments in Indonesia, Malaysia and the Philippines while the investigation runs. Customers who bought devices from the reseller in the past 90 days were advised not to activate them. Anyone already using one was told to consider moving their holdings to a new Ledger wallet with a newly generated recovery phrase.
The loss figures come from outside researchers (not Ledger). Onchain investigator tanuki42 identified eight addresses allegedly linked to more than $72 million in stolen crypto, while another researcher, Specter, estimated losses above $86 million across Bitcoin, Ethereum and Tron. Security Alliance (SEAL) urged potential victims whose funds reached those addresses to contact its incident-response team.
Ledger hasn't verified those numbers.
It also hasn't established a link between the suspicious transactions and CryptoBilis. The company said its infrastructure and services weren't compromised, and that it hadn't received similar reports involving devices sold through its own sales channels. The investigation is ongoing.
Meanwhile adds $37.5 million for Bitcoin life insurance
Bermuda-based Meanwhile, a life insurer licensed to operate completely in Bitcoin, announced $37.5 million in new funding from existing investors, according to a company statement reported by Cointelegraph. Bain Capital Crypto led the round, with Haun Ventures, Framework Ventures, Pantera Capital, Apollo, Northwestern Mutual Future Ventures and Morgan Creek Digital also participating. The company counts OpenAI CEO Sam Altman among its backers and has now raised more than $180 million in total.
Meanwhile's Thursday statement tied the round to growing international demand for its policies, particularly in Asia, Europe and the Middle East.
“Wealthy families around the world already hold Bitcoin. What they haven’t had is a regulated way to pass it on,” Zac Townsend, Meanwhile’s co-founder and CEO, said in the statement.
ESMA examines tokenized collateral under stress
ESMA published a call for evidence on Friday seeking industry feedback on tokenized collateral. It's already entering live European clearing operations as banks and investors look for faster access to securities to meet margin requirements. The regulator wants evidence that clearinghouses can access that collateral and turn it into cash if markets come under stress.
Its review is meant to help determine whether existing EU rules can ensure clearinghouses are able to access and liquidate such collateral when a member defaults. ESMA Chair Verena Ross said the goal is to create conditions for tokenized markets to operate safely and at scale across borders.
Frequently asked questions
What should CryptoBilis customers do with their Ledger devices?
Ledger advised customers who bought devices from CryptoBilis in the past 90 days not to activate them. Those already using the devices were told to consider moving their holdings to a new Ledger wallet with a newly generated recovery phrase.
Was Ledger hacked?
Ledger said its infrastructure and services weren't compromised. It also said it hadn't received similar reports involving devices sold through its own sales channels, and it hasn't verified the reported losses or established a link between the suspicious transactions and CryptoBilis.
Who reported the $72 million and $86 million loss figures?
The figures come from independent researchers, not Ledger. Onchain investigator tanuki42 identified eight addresses allegedly linked to more than $72 million in stolen crypto, and researcher Specter estimated losses above $86 million across Bitcoin, Ethereum and Tron.
