Chinese national buys Malaysian Ledger reseller CryptoBilis as supply chain attack suspected
What's the deal? Jianming YuDealroom has a profile for this one. Try Dealroom →, a Chinese national, has acquired Malaysian authorised Ledger hardware wallet reseller CryptoBilisDealroom has a profile for this one. Try Dealroom →, taking 100% of its shares on August 3 for an undisclosed sum. The equity transfer began in March, according to Bitcoin NewsDealroom has a profile for this one. Try Dealroom →, which cites a registered address in Heilongjiang Province, China.
What changed: A former co-founder confirmed that after the handover, the original shareholders withdrew from all operational, managerial, and administrative roles. They currently have no access to any information about the company's operations.
What could go wrong? Separately, an investigation suggests Ledger wallets sold by CryptoBilis may have been hit by a supply chain attack. The devices were allegedly embedded with hidden modules capable of stealing users' mnemonic phrases — the recovery codes that control access to crypto holdings.
There is no direct evidence linking the ownership change to the security incident, and the investigation is ongoing.
The signal: Hardware wallets are marketed as a safer way to hold crypto offline, so a suspected tampering at the reseller level strikes at that core promise. The case highlights how changes in ownership and distribution — not just the devices themselves — can become weak points in the chain between manufacturer and user.
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Image credit: Generated with Gemini
