Former CryptoBilis co-founders Arravind Prabu and Vimalatheethan said they stepped down and completed an operational handover in March 2026 after new ownership under Nicholas Chang acquired the company. They said they have had no access to customer data or backend systems since and offered historical records to help Ledger's investigation. Their account describes the ownership change but does not establish a link between the buyer and the thefts.
Ledger has confirmed an unauthorized hardware implant in one affected device, though its role in the losses remains unresolved. All confirmed draining cases involve devices sold by Southeast Asian reseller CryptoBilis, while Ledger's own systems and direct sales remain unaffected. CryptoBilis has halted all hardware wallet sales. Ledger urged its buyers not to initialize unused devices and to consider moving assets from devices already set up to a new Ledger device with a new recovery seed.