Tether · CoinDesk
The Tether freeze, confirmed by Bitquery, is important because stablecoin issuers can block tokens linked to crime
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Tether did not immediately respond to a CoinDesk request for comment on the freeze.
Key facts
- Diversified RWA stablecoins sustain 5-7% yield from real credit as crypto funding compresses to ~4%
- Security research platform YFarmX reported a higher number, saying the attackers siphoned off $94.5 million from 521 addresses across seven blockchains
- The episode is distinct from an April phishing campaign involving a fake Ledger Live app on Apple’s App Store, which drained at least $9.5 million after users entered their recovery phrases
- Blockchain analysis and intelligence company Bitquery said it traced $93.2 million linked to the Ledger exploit
Summary
Blockchain analytics firms estimate that attackers stole as much as $94.5 million from hundreds of wallets linked to Ledger devices sold by authorized reseller CryptoBilis, though Ledger has not confirmed the total. Ledger found an unauthorized hardware implant in at least one affected device, while Tether froze $10 million in USDT tied to the theft and investigators continued tracing the funds. Ledger advised CryptoBilis customers not to set up unused devices and urged those already using one to transfer their assets to a new device with a newly generated recovery phrase. As much as $93.2 million in crypto was siphoned from wallets linked to the Ledger devices sold by the reseller CryptoBilis, according to several blockchain analytical and intelligence firms. Tether has frozen $10 million in USDT tied to the theft, while Ledger said Sunday that the investigations into the theft, first reported three days ago, are still underway.