SINGAPORE, Oct. 28 -- Two Singapore users of Ledger wallets collectively lost S$3.5 million (RM11.13 million) in cryptocurrency due to compromised hardware.

The police said in an advisory on Wednesday (October 28) that they received reports of at least two cases since September 10.

A Ledger hardware wallet allows users a secure way to store their private crypto keys on a physical device.

According to the police's preliminary investigations, Ledger hardware wallets purchased from some retail stores in Singapore contained malicious hardware components.

These components could capture users' recovery phrases or private keys, allowing unauthorised people to access their crypto wallets and transfer assets without their knowledge or consent....