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Crypto buyers apprehensive about their tokens getting hacked are boosting demand for safe gadgets and wallets that maintain clients’ tokens safely offline.
As hack assaults on firms and people have hit a document, Ledger, which sells {hardware} gadgets resembling USB drives that assist buyers securely retailer their cryptocurrencies, mentioned it was having its finest 12 months but.
Pascal Gauthier, chief government of Ledger, based in Paris in 2014, mentioned revenues have hit triple-digit thousands and thousands to this point in 2025. “We’re being hacked an increasing number of on daily basis . . . hacking of your financial institution accounts, of your crypto, and it’s not going to get higher subsequent 12 months and the 12 months after that,” he instructed the Monetary Instances.
About $2.2bn price of crypto was stolen within the first half of this 12 months, in accordance with information agency Chainalysis, greater than was taken in the entire of 2024. About 23 per cent of hacks focused people’ wallets, in what Chainalysis known as an “more and more important” type of theft.
Hack assaults on each crypto firms and people have gotten more and more frequent, particularly as the worth of bitcoin and different tokens has hit new document highs this 12 months, propelled by Donald Trump championing the trade. North Korean hackers stole $1.5bn price of crypto tokens from trade Bybit in February, within the greatest heist ever.
“As we’ve seen a record-setting 12 months in lawful crypto exercise, we’ve additionally seen a record-setting 12 months in illegal crypto exercise,” mentioned Ari Redbord, international head of coverage at blockchain intelligence firm TRM Labs.
The bounce in demand for Ledger’s gadgets comes forward of the increase the corporate usually will get from Black Friday and Christmas gross sales, and Gauthier mentioned Ledger will fundraise in all probability subsequent 12 months.
Smartphones and computer systems have been designed for communication and leisure, not safety, he mentioned, including that the corporate’s development is coming from “the realisation that hackers are getting extra aggressive and so it’s worthwhile to improve your safety”.
Different firms comparable to Czech Republic-based Trezor and Switzerland-based Tangem additionally provide so-called chilly storage wallets, permitting crypto holders alternate options to holding their tokens instantly on an trade comparable to Coinbase or Binance.
Redbord added that digital asset holders are rightfully in search of methods to soundly maintain their property, and because the crypto trade grows, “individuals are going to have an increasing number of want for these gadgets”.
Ledger secures about $100bn price of bitcoin for its clients, and was valued at $1.5bn in 2023 after elevating cash from buyers together with 10T Holdings and Singapore’s True International Ventures.
Gauthier is eyeing future fundraising, both a list in New York, or a non-public spherical, and is boosting headcount in New York. “Me spending extra time in New York is with the understanding that cash is in New York in the present day for crypto, it’s nowhere else on the earth, it’s actually not in Europe.”
Rising crypto costs has led to rising criminality round holders of the digital forex. In addition to crypto hacks, kidnappings are additionally prevalent as criminals attempt to bodily seize merchants’ funds. Ledger’s personal co-founder and his spouse had been kidnapped in France earlier this 12 months and criminals sought a ransom paid in crypto. The criminals had been later arrested, and the funds traced and frozen. Chainalysis mentioned that rising crypto costs will in all probability set off “extra opportunistic bodily assaults in opposition to recognized crypto holders”.
