Cryptobilis Ownership Change Preceded Ledger Device Exploit
- Arravind Prabu, former CEO of Cryptobilis, confirmed the company’s sale to undisclosed new owners in March.
- Prabu and co-founders have had no operational control or access since the sale.
- Ledger paused shipments after discovering a tampered device was sold through Cryptobilis, causing over $90 million in losses.
- Prabu stated he was contractually restricted from announcing the sale until mid-October, although suppliers were informed earlier.
- The scope of the exploit has expanded as more tampered devices have appeared from various resellers.
The disclosure by Arravind Prabu highlights that Cryptobilis had changed ownership months before the Ledger device exploit came to light, distancing previous management from current operations. The ongoing investigation by Ledger continues to assess the extent of compromised devices sourced through Cryptobilis and other resellers.
With over $90 million in losses reported due to tampered Ledger devices, this incident underscores significant security concerns within cryptocurrency hardware sales channels. (Source)
