Ledger Sued for $500M Over Alleged Data Breach and Crypto Theft

A proposed class action lawsuit has been filed against Ledger, seeking at least $500 million in damages. The lawsuit claims that Ledger's poor security and disclosure failures led to a December 2023 incident where customers' cryptocurrency was stolen.

The plaintiff, Douglas Kim, alleges that scammers used compromised customer information to impersonate Ledger representatives, resulting in the theft of nearly $1.95 million in crypto.

Kim also points out that Ledger's 2020 data breach, which affected over 270,000 customers, was not sufficiently addressed by the company. He claims that Ledger failed to improve its security practices and downplayed both the earlier breach and the December 2023 incident.