Ledger Warns of Tampered Hardware Wallets in Southeast Asia
Written with artificial intelligence.
Ledger has identified a complex scheme where genuine hardware wallets were tampered with by a criminal group in Southeast Asia. Meanwhile, South Korea's stock market experiences a significant drop, triggering an emergency regulatory meeting amid rising concerns.
Ledger's Supply Chain Attack Discovery
Ledger has uncovered a sophisticated supply chain attack involving counterfeit hardware wallets sold across Southeast Asia. A criminal group reportedly spent millions to buy authentic Ledger devices, implanting hidden components to steal recovery phrases. As a response, Ledger has instructed authorized distributors in Southeast Asia and Hong Kong to halt sales, remove affected products from shelves, and ensure that inventory is only available at the point of sale, barring any returned devices from resale.
Market Turmoil in South Korea and Japan
The South Korean KOSPI index plummeted by 7.56% to 5,554.27, briefly dropping more than 9% during the day, which led to the activation of the country’s circuit breaker for the tenth time this year. Major firms like SK Hynix and Samsung Electronics saw significant declines of 11.06% and 9.48%, respectively. In response to the market volatility, South Korean regulators convened an emergency meeting to discuss potential actions to stabilize the market.
Major Crypto Exploits in Q3
According to a report from security firm Hacken, the crypto industry faced $1.18 billion in losses due to 107 hacking incidents in the third quarter of 2023. Notably, Bitget suffered a massive loss of $387 million, contributing to approximately 80% of total losses from significant hacks, which also included Liquid Network and Tectonic.
Taiwan's Regulatory Actions Against Crypto Platforms
Taiwan has taken action to block access to Coinbase and Kalshi due to alleged violations, following similar restrictions placed on Polymarket. This tightening of oversight reflects increasing scrutiny over offshore cryptocurrency and prediction market platforms in the region.
Upcoming Security Assessments in South Korea
The Financial Services Commission of South Korea plans to implement stricter cybersecurity assessments after identifying security deficiencies at 130 out of 555 financial firms, including crypto exchanges. This initiative aims to enhance security measures following previous data breaches that exposed customer information.