First-Hand Experience: Ledger and Changelly Withheld My 600 ETH

Earlier this year, I used my long-trusted cold wallet Ledger to swap approximately $1.1 million USDT for over 600 ETH, when ETH was priced at around $1800. The swap function was directly available inside the Ledger wallet. I mistakenly assumed the entire process was handled by Ledger itself, so I didn’t dig deeper into the backend — a mistake that led to a nightmare.

After submitting the transaction, the interface displayed: “Swap broadcast successful. You will receive your Ethereum within an hour.” But even after waiting more than ten hours, I received nothing. When I contacted Ledger support, they told me the swap wasn’t actually handled by them, but by a third-party provider — Changelly, and told me to follow up with them directly.

Changelly then required me to go through a full KYC process and submit a range of documents — including USDT purchase records, chat logs, and other proof of fund sources. Although tedious, I managed to provide everything the same day.

However, Changelly continued to delay the ETH release, citing “compliance checks,” and refused to give any estimated timeline. Days turned into weeks, and ETH surged from $1800 to over $2700 — yet my funds remained frozen. I was effectively stripped of all potential profit, losing over $400,000 in unrealized gains.

Even worse, after repeated follow-ups and being completely ignored, Changelly finally refunded only the original $1.1 million USDT, but refused to release the 600 ETH or provide compensation based on the current ETH price. This meant they kept the price difference for themselves, profiting enormously at my expense.

Throughout the entire ordeal, I contacted Ledger multiple times. Not only did they fail to provide any substantial help, they eventually closed my support ticket without resolution. It left me with serious doubts:

Is Changelly just a front for Ledger?

Why doesn’t Ledger clearly label that the swap function is run by a third party?

Why don’t they do KYC upfront before funds are sent, instead of freezing assets afterward?

⚠️ My Doubts and Summary:

1. Lack of transparency – Ledger never clearly warned users that a third party was executing the swap.

2. KYC trap – The KYC process only starts after funds are sent, leaving users vulnerable.

3. Intentional delays – While ETH rose 40%, Changelly withheld my ETH and returned only the original amount in USDT.

4. No accountability – Both Ledger and Changelly pushed responsibility onto each other, while I had no recourse as a user.

🚨 Advice for Crypto Users:

• Never blindly trust in-wallet functions, even from cold wallets like Ledger.

• Always research the background and accountability of any service provider.

• Don’t perform large swaps before KYC is done and terms are clear.

• Keep all transaction logs, screenshots, and communication records as evidence.

This experience has caused me severe financial and emotional stress, and completely changed my perception of Ledger and Changelly. I’m sharing this in hopes of protecting others from falling into similar traps.

If you’ve had similar experiences, feel free to contact me at:

📧 [email protected]

Let’s gather evidence, organize a joint response, and bring attention to these predatory practices. I also welcome help from lawyers, journalists, or blockchain analysts who can support this fight for justice.

I even visited Changelly’s two registered addresses in Hong Kong — both turned out to be shell companies with no real presence, which further raises suspicions.

Please help share and spread this message. We won’t stay silent any longer. For the future of a fair and transparent crypto ecosystem — we must speak out.