@scottmelkerwolf: Ledger users reportedly lost $86M, raising questions about third-party risks in self-custody Everybody in crypto at this point has PTSD after the Coldcard hack, because we believe self-custody was always safe. You could be your own bank. That shook the Bitcoin community to its core. This is an ongoing story that just broke at about 10 a.m. today, so just about 2 hours ago. An onchain analyst named Spectre estimated suspected losses around $86 million, involving hundreds of wallets across Bitcoin, Ethereum and Tron. I have not seen a comment from Ledger yet. Now, Ledger had had their breaches in the past. It seems to always come with one of the third parties. The question is, when you participate in self-custody, who are you actually trusting for all the steps in between? The whole point of self-custody was no counterparty risk, but there’s a lot of counterparties you don’t even know exist, like the third-party resellers who have your data or can gain some sort of access. We don’t know if anyone’s individual device was hacked, to be clear. We don’t know if this was a phishing scam, like you get an email from this third party telling you you need to move your coins from one device to another and you get hacked. But we do know that there has been an exploit and that it’s coming exclusively in this case from Ledger devices. Doesn’t mean that somebody broke Ledger’s hardware security. #Ledger #SelfCustody

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Monday 12 October 2026 10:03:30 GMT