Ledger Knew About Spy Implants But Failed to Warn Customers

Ledger was aware of spy implants in its wallets long before the public scandal, but did not warn its customers.

Preceding the Crisis

As early as December 2025, at least two users had reported modified devices to the company. In March 2026, security researcher Joe Grand revealed a malicious implant in a Ledger Nano X device purchased from Lazada in Thailand.

Ledger confirmed receipt of the reports and launched an internal investigation, but chose to limit its response to posts on social media platform X, opting against direct warnings to buyers.

Criticism of the Manufacturer's Actions

Expert Marc Capelles notes that the rising number of incidents and the increasing sophistication of the implants should have prompted the company to take more proactive measures well before October 2026.