Ledger Hit with $500M Class Action Over Alleged $1.9M Crypto Loss

Hardware wallet manufacturer Ledger SAS is facing a proposed $500 million class-action lawsuit over an alleged $1.9 million cryptocurrency loss. The complaint, filed by Douglas Kim in the U.S. District Court for the Southern District of New York on August 27, 2026, links the case to a December 2023 security incident involving Ledger's Connect Kit.

Kim alleges that attackers accessed his crypto holdings after providing information on a website, which he was directed to by people claiming to represent Coincover and Ledger. The complaint states that Kim discovered the loss on February 20, 2025, and has not recovered the assets.

The lawsuit seeks to represent a nationwide class of Ledger users, estimating up to 210,000 individuals may be affected, with total damages potentially reaching at least $500 million.