BlockBeats report, on October 10, during the investigation into the suspected supply chain attack on Ledger devices, it was revealed that CryptoBilis, a Malaysian hardware wallet distributor, had previously undergone a change in ownership. Newly disclosed company records show that an individual named Jiaming, with a registered address in Heilongjiang Province, China, has held 100% of the company’s shares since August 3.
The former co-founder of CryptoBilis confirmed that the company was acquired in March of this year, after which the original shareholders stepped down from all operational, managerial, and administrative roles. He stated that after the transition, the founding team lost visibility into the company’s actual operations and now only assists with coordinating certain activities, emphasizing, “We are no longer part of the company,” and urging the current management to handle this matter transparently.
As this equity change information comes to light, CryptoBilis is under scrutiny for alleged involvement in a supply chain attack on Ledger hardware wallets, with devices reportedly containing hidden modules designed to steal recovery phrases. However, there is currently no concrete evidence linking CryptoBilis’s ownership change to the related wallet theft incidents.
CryptoBilis has temporarily suspended the sale and shipment of hardware wallets for all brands through its stores and online channels in Malaysia, the Philippines, and Indonesia, and has closed its physical stores until further notice.