CRYPTOBILIS FOUNDERS SAY THEY SOLD THE LEDGER RESELLER IN MARCH 2026 — THEY SAY EVERY SUPPLIER WAS TOLD — LEDGER HAS NOT SAID WHETHER IT KNEW
The two founders of CryptoBilis, the Malaysian reseller behind every confirmed case in the Ledger drain, say they sold it before the theft. In a LinkedIn statement that Bitcoin.com dates to October 10, 2026, Arravind Prabu and Vimalatheethan wrote that the company “was acquired by new ownership” earlier this year and that they finished handing over every part of the business in March 2026. They say they have had zero access to its systems since. They name a Nicholas Chang as the person now in charge. They do not name the buyer.
The date is not settled. BitPinas reported on October 10, 2026 that registry filings shared on X show all CryptoBilis shares moved to one person named Jiaming, with an address in Heilongjiang, China, finalized in August. BitPinas did not publish the filings and we have not seen them. So the founders say March and the filings BitPinas describes say August. Both put the shop in new hands before the drain on October 9, 2026. Nobody has shown that the new owner had anything to do with the tampered devices.
The line that matters is point four of the statement: “All suppliers were previously notified of the corporate acquisition and new management structure.” Ledger supplies CryptoBilis. Ledger’s updates since October 9 say the confirmed cases came through CryptoBilis, that the number of devices is limited, and that resellers should source only through authorized channels. None of them says who owns CryptoBilis, or whether Ledger was told it had been sold. Per Protos, Mark Karpelès says the implant could record a seed phrase without tripping Ledger’s Genuine Check.
An authorized reseller badge is something Ledger tells you, not something you can check. A sealed box is the same. If the people who earned the badge sold the shop months ago, the badge was vouching for someone else. Ledger can clear this up with one answer: were you told, and when? Until then, buy direct and make the seed on a device you opened yourself. At the time of this writing, bitcoin was $82,899.