Twitter user exsiway reported that the Malaysian Ledger authorized dealer CryptoBilis was sold by its founder this spring, with a confidentiality agreement that prohibits disclosure until October 19, but the store and "Ledger authorized" branding remain in place.

Former team members of CryptoBilis also stated that the new management has taken over, and the original team must keep confidentiality until October 19. Company records show that Jiaming, located in Heilongjiang Province, China, has held 100% of the shares since August 3.

The former co-founder confirmed that the company was acquired in March this year, and the original shareholders subsequently exited all operational, management, and administrative positions. After the handover, the original team could no longer understand the actual operations and only assisted with some event coordination, emphasizing that they are no longer part of the company.

Currently, there is no official evidence directly linking the new owner to the tampered devices. The related devices are said to have hidden modules implanted that can steal mnemonic phrases, but the causal relationship between the ownership change and the financial loss incident has not been confirmed.

CryptoBilis is an official authorized dealer of Ledger, covering Malaysia, the Philippines, and Indonesia, while also selling hardware wallets from other brands. The company has suspended sales and shipments of all brand hardware wallets across these three countries and closed its offline stores.

Ledger is investigating reports of financial losses from Southeast Asian users who purchased devices from this channel and has requested a suspension of Ledger device sales. On-chain estimates suggest related suspicious losses exceed $86 million, with the cause still to be confirmed.

The change in ownership occurred months before the investigation was launched, and the confidentiality agreement restricted the original team's information disclosure timeline, putting pressure on the trust in this authorized channel and the traceability of the device delivery chain, with the beneficiaries yet to be clarified.

Source: Public Information