CryptoBilis: A lesson in freezing stablecoins
Source: The Star
Published on: 2026-10-28 21:37
THIS month, a Malaysian startup made global headlines over a security breach that may rank as the largest loss in our nation's financial sector. CryptoBilis is a popular reseller of hardware wallets used for the self-custody of digital assets. The devices were allegedly tampered with spy chips capable of reading and transmitting access data to hackers before being sold to customers across South-East Asia. Estimates vary, but around US$102mil was reportedly stolen from more than 300 wallets, including RM12mil from someone in Teluk Intan; far exceeding the Agrobank system exploitation (2025) and MBSB Bank heist (2024). Netizens were outraged by the company's lack of transparency leading to the incident. Binance founder Changpeng Zhao blasted on X: "So many things wrong here!" For victims, their hardest lesson lies in the first response. During criminal investigations, bank accounts ar...
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