Ledger sued for $500M over alleged data breach and crypto theft

Ledger has been hit with a proposed class action seeking at least $500 million over allegations that poor security and disclosure failures tied to a December 2023 incident exposed customers to cryptocurrency theft and other financial losses. Summary Ledger faces a proposed class action seeking at least $500 million over alleged security and disclosure failures tied to a December 2023 incident. Plaintiff Douglas Kim alleges scammers used compromised customer information to impersonate Ledger representatives before stealing nearly $1.95 million in crypto. The complaint cites Ledger’s 2020 breach affecting more than 270,000 customers as part of an alleged pattern of inadequate data safeguards. The lawsuit brings seven causes of action and seeks actual, compensatory, statutory, treble and punitive damages. The complaint, filed by Douglas Kim in the U.S. District Court for the Southern District of New York on Aug. 27, accuses the hardware wallet maker of failing to adequately protect customer personally identifiable information and cryptocurrency security data. Kim brought the case individually and on behalf of a proposed nationwide class. Kim alleges that Ledger failed to properly noti...