The hardware wallet dealer CryptoBilis changed ownership in March, with the equity pointing to a Chinese national

The Malaysian hardware wallet distributor CryptoBilis has been revealed to have undergone a change of ownership during the investigation into a suspected supply chain attack on Ledger devices. 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.

A former co-founder of CryptoBilis confirmed that the company was acquired in March of this year, and the original shareholders subsequently withdrew from all operational, management, and administrative positions. The founding team has been unable to understand the actual operations of the company after the handover, only continuing to assist with some activity coordination, and stated that they are no longer part of the company, urging the current management to handle the matter transparently.

As the change of ownership has come to light, CryptoBilis is under scrutiny for its alleged involvement in the supply chain attack on Ledger hardware wallets, with related devices reportedly implanted with hidden modules capable of stealing mnemonic phrases. There is currently no conclusive evidence linking the change of ownership to the wallet theft incident. CryptoBilis has temporarily suspended the sale and shipment of all brand hardware wallets at its stores and online channels in Malaysia, the Philippines, and Indonesia, and has closed its offline stores until further notice.