Tether has frozen USDT on addresses linked to a Ledger user theft incident that caused approximately $90 million in losses. The incident, connected to Southeast Asian dealer CryptoBillis, is under investigation by Ledger, and affected users are seeking assistance from MistTrack.
A Ledger hardware wallet user lost 7 million USDT approximately 10 hours after depositing funds into a device purchased from distributor CryptoBillis, marking possibly the largest single loss in an ongoing incident where multiple users have had funds stolen totaling near 90 million USD.
Multiple cryptocurrency hardware wallet security breaches emerged on October 9, 2026, with Ledger suffering an $86 million theft through reseller CryptoBillis in Southeast Asia, following earlier hacks of Coldcard, Trezor, and SafePal. The incidents highlighted vulnerabilities in popular Bitcoin storage solutions and raised concerns about USDT's centralized control mechanisms, with industry figures advocating for decentralized alternatives like Bitcoin.