- Ledger faces a proposed $500M class action over an alleged $1.95M crypto loss.
- The complaint links the case to Ledger’s 2023 Connect Kit security incident.
The leading hardware wallet company, Ledger SAS, is facing a proposed class-action lawsuit in the U.S. District Court for the Southern District of New York over an alleged $1.9 million cryptocurrency loss.
Douglas Kim filed the complaint on August 27, 2026, seeking at least $500 million in damages. According to the complaint, Kim purchased a Ledger hardware wallet in 2017 and later upgraded to a Ledger Nano X in 2021. The filing says he was contacted in February 2025 by people claiming to represent Coincover and Ledger.
Kim alleges that the callers told him there had been an attempt to enroll him in Ledger Recover. He was then directed to a website and instructed to provide information that allegedly allowed the attackers to access his crypto holdings.
The complaint states that Kim discovered on February 20, 2025, that approximately $1.95 million in cryptocurrency had been transferred from his wallets. It says he has not recovered the assets.
Complaint Links Loss to 2023 Security Incident
The lawsuit connects the incident to a December 2023 compromise involving Ledger’s Connect Kit, a software library used to connect Ledger wallets with decentralized applications.
The complaint alleges that attackers obtained access through a former Ledger employee and used the compromised software to carry out fraudulent transactions. It further alleges, on information and belief, that customer information from the 2023 incident was later used to target Kim.
Looking further, Kim is seeking to represent a nationwide class of Ledger users. The complaint estimates the proposed class could include up to 210,000 people and says total damages could reach at least $500 million.
The lawsuit brings claims including negligence, negligent misrepresentation, breach of contract-related duties, promissory estoppel and violations of New York consumer protection laws.
The complaint also requests a jury trial. The allegations have not been proven in court, and the proposed class has not been certified. The case remains pending in the Southern District of New York.
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