Ledger CEO Pascal Gauthier and Mark Karpelès Clash Over $90M Hardware Implant Losses

Ledger CEO Pascal Gauthier publicly clashed with former Mt. Gox chief Mark Karpelès after Karpelès accused the hardware wallet maker of knowing about advanced spy implants in March, arguing clearer warnings could have prevented more than $90M in user losses. Karpelès previously helped expose the hardware implant attack by opening a sealed Ledger device and discovering a hidden circuit board capable of capturing and transmitting a user's 24-word recovery phrase. Ledger acknowledges that its Genuine Check feature cannot detect physical spy implants if the device's original security chip remains intact. Karpelès pointed to a March 6 Ledger security guide featuring images of handmade and mass-produced spy chips—though a September update leaves it unclear when the photos were added—and later noted Ledger did publish a March 2026 academy topic recommending direct or authorized purchases. Ledger has halted sales through reseller CryptoBilis amid wider reports of tampered devices in Europe, while rival Trezor has also moved to reduce its third-party reseller network. "Coming from the Mt Gox CEO… Come on man, you are no white knight. Get real." — Pascal Gauthier, Ledger CEO.