CEO of Ledger Warns: Hackers will Target wherever Money is present
In a recent interview on Bloomberg TV, Ledger CEO Pascal Gauthier emphasized the critical need for strong security measures in the cryptocurrency landscape.
Highlighting the unchangeable nature of Bitcoin transactions, he cautioned that although Bitcoin is designed to be secure, the platforms where digital assets are held—such as cryptocurrency exchanges—are still attractive targets for hackers.
“Where there is money, there will be hackers,” Gauthier stated, pointing out that as more funds enter the system, the financial sector, including Bitcoin (BTC) and other cryptocurrencies, increasingly lures malicious individuals.
The CEO urged users to take advantage of Bitcoin’s design, which inherently promotes self-custody, recommending that they avoid leaving their digital assets on exchanges where security weaknesses might exist.
“Don’t leave your coins on an exchange,” he advised, stressing the importance of choosing exchanges with security measures that are virtually unbreachable if they must be used.
He also elaborated that Ledger has invested the last decade in honing their security protocols, offering consumers a dependable way to securely store their cryptocurrency through self-custody solutions.
Drawing comparisons to traditional banking, Gauthier noted that just as individuals deposit money into banks instead of hoarding cash at home, there are secure alternatives to self-custody for digital assets.
These comments come in the wake of a significant security breach that resulted in a $1.5 billion hack of Bybit on February 21.
The attack specifically targeted the exchange’s Ethereum cold wallet, with hackers circumventing multi-signature protocols. Blockchain analysts have linked this breach to North Korea’s Lazarus Group, notorious for high-profile cyber thefts.
Gauthier reiterated that Ledger’s technology—demonstrated by the sale of eight million hardware wallets—offers a far superior option compared to antiquated methods, such as stashing money under a mattress.