Singapore police say at least two cases involving tampered Ledger hardware wallets have been reported since September 10, with combined losses of about 3.5 million Singapore dollars ($2.7 million), placing the first local report almost a month before the wider incident became public.
In the October 28 consumer alert, the advisory suggested the investigation was still in its preliminary stages. It is not clear whether the September 10 case was reported to police at the time or made retrospectively; if the report was timely, it raises questions about whether Ledger was informed or the Singapore Police Force could have issued a public warning earlier.
Ledger issued a public alert about tampered devices on October 9. Almost $100 million was drained from wallets containing spyware components. On October 13 it said it had asked retailers in Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia and Hong Kong to suspend sales of Ledger devices while investigations continue.
Elsewhere in Asia, South Korean officials are reportedly weighing another delay of the country's cryptocurrency tax, currently scheduled for January 2027, with a report from Newsis saying it could be pushed to 2029. The policy would impose a 22% tax on crypto gains for investors earning more than 2.5 million Korean won ($1,883) a year. Separately, Bithumb said its in-house mobile system was hacked and personal information leaked, brokerage Daishin Securities reported roughly 38,000 customer records exposed, and asset manager Mirae Asset Global Investments confirmed a hacking incident. The government and the Bank of Korea intend to draft amendments to the Foreign Exchange Transactions Act this year to regulate stablecoins used as payment instruments. The central bank will require crypto transfer service providers to send monthly reports from December 2, extending back to mid-2024.
Bank Negara Malaysia and the Bank of Thailand have joined Singapore's BLOOM initiative as policymaker members. BLOOM, short for Borderless, Liquid, Open, Online, Multi-currency, is a public-private initiative that intends to help financial institutions use stablecoins and tokenized deposits for cross-border payments, launched by the Monetary Authority of Singapore last year. Airwallex, Mastercard, Ripple, Visa and the World Bank Group are members. A DBS survey of 422 global businesses found almost 90% are either adopting, or are interested in adopting, tokenized cash.
Blockchain analytics firm Chainalysis mapped a long-running network of Russian intermediaries it says helped North Korean IT workers cash out millions of dollars in cryptocurrency. The US Treasury's Office of Foreign Assets Control sanctioned 10 individuals and one entity on Wednesday for supporting North Korean government-run IT worker schemes it said funded the country's weapons programs, including Russian nationals Ilya Aleksandrovich Boykov and Vitold Viktorovich Obertas.
Hong Kong named Nasdaq-listed Solana Company (HSDT) a strategic enterprise under a government program. Solana Company said it was among the seventh batch of businesses selected by the Office for Attracting Strategic Enterprises, and the only blockchain infrastructure company onboarded by the office in 2026. The South China Morning Post reported that Beijing wants Hong Kong to help seed international use of the digital yuan. Hong Kong crypto payments firm RedotPay plans a US IPO before the end of the year and has launched a pre-IPO funding round valuing the company at $4 billion.
China has set a 2030 target for largely completing a national blockchain network under a five-year digital development plan published Friday. The plan calls for stronger blockchain technical standards and greater use of the technology in data circulation and trading. Mainland China bans cryptocurrency-related business activities while promoting blockchain as a national priority; critics say the blockchain-without-crypto approach has never worked.
In Thailand, the Supreme Court ruled that Bitcoin qualifies as property under criminal law, setting a precedent that may influence how Thai courts treat other cryptocurrencies. The ruling upheld a 10-year prison sentence in a robbery case involving about $50,000 in Bitcoin. Thailand also launched the WORPT digital wallet, which lets tourists convert USDT or USDC into Thai baht to spend via PromptPay QR codes under the Tourist DigiPay sandbox.
Analysis
Why This Matters
- The tampering reports suggest hardware wallets, marketed as secure offline storage, are vulnerable to supply-chain interference; users who bought devices from affected retailers may need to verify or replace them.
- The timing gap raises accountability questions: if the September 10 case was reported at the time, the public warning may have come weeks late.
- Asia's regulatory push continues in parallel, with South Korea weighing another tax delay and stablecoin rules, Thailand recognising Bitcoin as property, and regional central banks exploring tokenized cross-border payments.
Background
Hardware wallets are physical devices that keep cryptocurrency private keys offline, making them a popular storage option for crypto holders. The CryptoBilis supply-chain incident has led Ledger to ask retailers in several Asian markets to suspend sales while investigations continue. The broader regional picture is one of uneven policy: mainland China bans crypto trading while promoting blockchain, Hong Kong courts strategic enterprises, and governments across Asia are tightening or reworking crypto tax and transmission rules.
Key Perspectives
- Singapore Police Force: says at least two tampered-wallet cases have been reported since September 10 with combined losses of about 3.5 million Singapore dollars, and that its investigation was in preliminary stages as of the October 28 alert.
- Ledger: publicly alerted users to tampered devices on October 9 and asked retailers in seven Asian markets to suspend sales on October 13 while investigations continue.
- US Treasury's OFAC: sanctioned 10 individuals and one entity it said supported North Korean IT worker schemes that funded weapons programs.
- Chainalysis: traced a network of Russian intermediaries it says helped North Korean IT workers cash out cryptocurrency.
- Critics of China's approach: say promoting blockchain without cryptocurrency has never worked.
What to Watch
- Whether Singapore police or Ledger clarify whether the September 10 case was reported at the time, which would determine if an earlier warning was possible.
- The outcome of Ledger's investigations, and whether retailer suspensions in Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia and Hong Kong expand.
- South Korea's decision on delaying the crypto income tax, with a reported push to move it from January 2027 to 2029.
Checked
12 claims in this story checked against 1 source: 12 supported.
Show each claim
- SupportedSingapore police reported about S$3.5 million (US$2.7 million) in losses from tampered Ledger wallets.Cointelegraph.com News: “Singapore police say at least two cases involving tampered Ledger hardware wallets have been reported since Sept. 10, with combined losses of about 3.5 million Singapore dollars ($2.7 million).”
- SupportedSingapore police said at least two cases involving tampered Ledger hardware wallets had been reported since September 10.Cointelegraph.com News: “Singapore police say at least two cases involving tampered Ledger hardware wallets have been reported since Sept. 10”
- SupportedThe first local report came almost a month before the wider incident became public.Cointelegraph.com News: “It places the first local report almost a month before the wider incident became public”
- SupportedThe October 28 consumer alert suggested the police investigation was still in its preliminary stages.Cointelegraph.com News: “However, the October 28 advisory suggested the police investigation was still in the preliminary stages.”
- SupportedLedger issued a public alert about tampered devices on October 9.Cointelegraph.com News: “Ledger issued a public alert about tampered Ledgers being found in the CryptoBilis supply chain on October 9.”
- SupportedOn October 13, Ledger said it had asked retailers in seven markets to suspend sales while investigations continued.Cointelegraph.com News: “On Oct. 13, Ledger said it has asked retailers in Indonesia, Singapore, Thailand, the Philippines, Vietnam, Malaysia, and Hong Kong to suspend sales of Ledger devices as investigations are ongoing.”
- SupportedAlmost $100 million was drained from wallets containing spyware components.Cointelegraph.com News: “Almost $100 million was drained from wallets containing spyware components.”
- SupportedSouth Korean officials were reportedly weighing another delay of the cryptocurrency tax, which was scheduled for January 2027.Cointelegraph.com News: “Government officials in South Korea are reportedly weighing another delay of the country’s cryptocurrency tax policy, currently scheduled to be implemented in January 2027.”
- SupportedA Newsis report said the crypto income tax could be pushed to 2029.Cointelegraph.com News: “According to a Monday report from South Korean news outlet Newsis, the crypto income tax could be pushed to 2029”
- SupportedThe proposed policy would impose a 22% tax on crypto gains for investors earning more than 2.5 million won ($1,883) annually.Cointelegraph.com News: “The policy, which would impose a 22% tax on crypto gains for investors earning more than 2.5 million Korean won ($1,883) annually.”
- SupportedChainalysis mapped a long-running network of Russian intermediaries that helped North Korean IT workers cash out millions of dollars in cryptocurrency.Cointelegraph.com News: “Blockchain analytics company Chainalysis mapped a long-running network of Russian intermediaries that helped North Korean IT workers cash out millions of dollars in cryptocurrency.”
- SupportedChina set a 2030 target for largely completing a national blockchain network under a five-year digital development plan published Friday.Cointelegraph.com News: “China has set a 2030 target for largely completing a national blockchain network under a five-year digital development plan published Friday.”
