According to Mark Karpelès, former CEO of Mt. Gox, Ledger received multiple reports of malicious hardware implants dating back to December 2025, months before the company's security crisis surfaced on October 9, 2026.

Security researcher Joe Grand told Cointelegraph he alerted Ledger on March 4, 2026, about a malicious implant in a Nano X purchased through Lazada Thailand in August 2025. Grand said Ledger acknowledged his findings but failed to proactively warn customers. Karpelès noted that "the increasing number of reports and the increasing quality of technology used should have alerted them enough to act, and at least remind customers to be careful." Ledger's ongoing security crisis involves wallets sold through CryptoBilis, a Southeast Asia reseller, with losses potentially exceeding $86 million.

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