They're Hiding A 4G Modem Inside Ledger Wallets And It's Reached Europe

Oct 13, 2026 · 1 hr 27 min · 16 segments

Researchers have found a second compromised Ledger device hidden inside a European electronics retailer, this time with its own 4G modem secretly phoning seed phrases home, and the crew breaks down exactly how the scam works, why it is not technically a Ledger supply chain hack, and what it means if you bought your hardware wallet anywhere but direct. From there the conversation turns into a real reckoning about self custody itself: is multisig, DIY builds and circuit inspections really a reasonable ask for a newcomer, and are shitcoin profits secretly the thing funding better security audits for Bitcoin only hardware. In this episode: • The newly discovered 4G LTE modem and hidden antenna found inside a tampered Ledger Stax, and the expanding retailer watch list including Media Markt • Why the panel insists this is downstream of Ledger's supply chain, not a direct Ledger breach, plus a look back at Ledger's past data leaks • Cold Card's clear case jab and a genuine debate over whether a "throw it in the chip sorting algorithm" approach to visual circuit inspection is actually useful • The uncomfortable argument that shitcoin revenue may be subsidizing better security audits for the Bitcoin only hardware makers • Practical anti tamper tricks discussed: weighing devices against manufacturer specs, checking adhesive seams, and moving toward multisig with devices from different vendors • Michael Saylor's latest buy (848,250 BTC now held), STRC repurchases, and a running bit about MSTR's sats per share chart • Luke Gromen's currency framing of US housing prices versus gold, and the panel's take on immigration, rate lock in and regulation as the real distortions • Europol's quantum computing warning for crypto wallets, a 14 year old Bitcoin address moving coins, and the Moscow Exchange opening Bitcoin trading to 40 million clients Watch the video version: https://youtu.be/22nGCxiu_Bs