PeckShield said about $3.89 million linked to thefts from Ledger customers of reseller CryptoBilis reached Binance deposit addresses on Tron. The trail gives investigators an exchange-account lead, but intermediary wallets that handle other clients' money complicate attribution.
PeckShield said about $3.89 million in crypto linked to the thefts affecting Ledger customers of CryptoBilis reached Binance deposit addresses on Tron over the two days before its Oct. 11 alert. The transfers totaled 3.685 million USDT and 615,000 TRX, which PeckShield valued at about $204,000.
The route puts an exchange-account trail next to funds previously traced through Tornado Cash and the USDD stablecoin. But a deposit trail does not by itself identify the thief or establish how much can be recovered.
Intermediary wallets blur the trail
Blockchain analytics firm Bitquery reported that five wallets resembling over-the-counter services received USDT after 5.1 million USDD linked to the theft was converted back into USDT on Oct. 10. It traced 5.2 million USDT from those intermediaries into three Binance deposit addresses by the morning of Oct. 11.
Those are gross flows, not a measure of recovered money. According to Bitquery: "The USDT they sent to Binance includes other people's money." Its figures should not be added to PeckShield's estimate.
Neither PeckShield's alert nor Bitquery's report confirms that Binance has frozen the newly reported deposits.
Funds move beyond Tether's reach
The exchange route follows efforts to move funds out of reach of USDT issuer Tether, whose freeze controls do not extend to USDD. MistTrack separately reported about 463 ETH entering Tornado Cash from an incident-linked address on Oct. 10.
Ledger confirms a hardware implant
Ledger confirmed that one impacted user's device contained an unauthorized hardware implant, according to crypto.news. The company said it has no indication that its own security infrastructure, systems or services were compromised. It has not established whether the implant caused the reported losses.
CryptoBilis has stopped selling all hardware wallet inventory until the investigation concludes, according to Ledger. Bitquery estimated $92.9 million in losses across 311 wallets, a figure Ledger has not independently confirmed.
Sources: The Defiant, crypto.news
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