In response to increasing concerns about security breaches and hacking incidents within the cryptocurrency sector, demand for secure devices and wallets is surging. This uptick comes as hackers target both individuals and companies, leading to significant financial losses. Ledger, a prominent company known for its hardware wallets that resemble USB drives, reports it is experiencing a remarkable year, with revenues reaching triple-digit millions in 2025.
Pascal Gauthier, Ledger’s chief executive, emphasized the escalating threat landscape during a conversation with the Financial Times. This year, approximately $2.2 billion worth of cryptocurrency has been stolen, surpassing the total losses for the entire previous year, according to Chainalysis. Notably, 23% of these hacks were directed at individual wallets, marking a disturbing trend in personal theft. As the value of cryptocurrencies like Bitcoin continues to rise, spurred in part by high-profile endorsements, the risk of hacking has also dramatically increased.
The hacking epidemic has reached alarming proportions. Earlier this year, North Korean hackers made headlines by stealing $1.5 billion in crypto from the exchange Bybit, marking one of the largest cryptocurrency heists to date. Ari Redbord, global head of policy at TRM Labs, noted that while legitimate crypto transactions have soared, so too has illicit activity in the space.
Ledger’s increase in device sales often coincides with typical holiday shopping spikes, such as Black Friday and Christmas. Gauthier emphasized the need for enhanced security measures, explaining that conventional smartphones and computers are not optimized for secure transactions. As hackers adopt more aggressive tactics, investors are recognizing the importance of upgrading their security infrastructure.
In addition to Ledger, other companies like Trezor and Tangem are providing alternative solutions through cold storage wallets, allowing users to safeguard their crypto assets away from exchanges. Redbord affirmed that as the digital asset landscape expands, the demand for secure storage options will inevitably escalate.
Currently, Ledger is estimated to secure around $100 billion in Bitcoin for its users. Following a fundraising round in 2023 that valued the company at $1.5 billion, Gauthier is considering options for future investments, including a potential public listing in New York, where he believes the financial hub for crypto currently resides.
The rise of cryptocurrency prices has also attracted criminal attention, leading to increased incidents of not only hacks but also physical threats against crypto holders. The co-founder of Ledger and his wife were reportedly kidnapped in France earlier this year, with criminals demanding a ransom in cryptocurrency. Fortunately, law enforcement intervened, leading to the arrest of the criminals, and the stolen assets were ultimately traced and secured.
Chainalysis warns that as cryptocurrency values continue to rise, the risk of targeted attacks—both digital and physical—against known crypto holders is likely to grow, highlighting the urgent need for effective security solutions in the ever-evolving landscape of digital assets.
