Ledger CEO clashes with ex-Mt. Gox boss over $90M wallet thefts

Ledger CEO Pascal Gauthier has publicly clashed with former Mt. Gox chief Mark Karpelès over warnings about modified hardware wallets linked to an estimated $90 million in cryptocurrency thefts. In an October 17 exchange on X, Karpelès questioned whether the wallet manufacturer had communicated the danger of sophisticated spying implants clearly enough before customers reported losses involving devices sold through Southeast Asian reseller CryptoBilis. Gauthier defended Ledger’s security work and challenged the former exchange executive’s criticism. The dispute followed the discovery of unauthorized electronics inside a genuine Ledger device. Investigators found that the additional hardware could capture a wallet’s 24-word recovery phrase during setup and transmit it through a cellular connection. Research estimates place the suspected losses above $90 million.

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