Arravind Prabu’s Limited Involvement with Cryptobilis
Arravind Prabu, the creator of Cryptobilis, has recently come forward to explain his limited involvement with the company following its acquisition earlier this year. The change in ownership came to light on October 10 through a LinkedIn post, where Prabu confirmed that both he and another co-founder have stepped down from all operational roles, transferring their responsibilities to an unnamed new owner.
Allegations and Operational Engagement
This announcement comes amid allegations concerning Ledger wallets that were compromised through transactions associated with Cryptobilis. While Prabu did assist the new management at times in an advisory role, he emphasized in his statement that he has had no operational engagement with the company since the acquisition.
“We have had zero access, credentials, visibility, or administrative control over Cryptobilis’s backend systems, customer databases, order histories, or corporate communication channels,”
he clarified.
Disclosure and Ownership Transition
Prabu’s disclosure regarding the sale’s timeline appears cautious, as he indicated that he was bound by contractual obligations which prevented him from making public statements until mid-October. However, he confirmed that all relevant suppliers were informed of the ownership transition.
Current Crisis and Ledger’s Response
Despite this transparency, Prabu did not provide specific details on whether the Ledger hardware inventory was included in the sale or who had managed these devices prior to their sale to customers.
In light of the current crisis, Ledger has suspended all shipments and sales of its devices following the identification of a compromised Ledger wallet that has its origins traced back to Cryptobilis. Furthermore, there have been reports of additional tampered devices being sourced from various authorized resellers, exacerbating the situation which has already resulted in a staggering estimated loss of over $90 million. Ledger is currently investigating the scope of these issues, reaffirming that all known compromised devices originated through Cryptobilis.
For any inquiries or official statements regarding ongoing operations, Prabu directed individuals to contact the current management team.
