In a recent interview on Bloomberg TV, Ledger CEO Pascal Gauthier emphasized the critical need for robust security measures in the cryptocurrency industry. Highlighting the immutable nature of Bitcoin transactions, he warned that while Bitcoin itself is secure, crypto exchanges remain prime targets for hackers.
“Where there is money, there will be hackers,” Gauthier stated, pointing out that as more funds enter the system, financial institutions, including cryptocurrency platforms, increasingly attract malicious actors.
Self-Custody as a Key Security Measure
Gauthier stressed the importance of self-custody for digital assets, advising users not to store their cryptocurrencies on exchanges where security vulnerabilities exist.
“Don’t leave your coins on an exchange,” he cautioned, urging users to ensure that any exchange they use has impenetrable security protocols. Ledger, he noted, has spent the past decade refining security solutions to provide a safer self-custody alternative for cryptocurrency holders.
Recent Security Breach Highlights Risks
His remarks come in the wake of a major security breach that resulted in a $1.5 billion hack of the Bybit exchange on February 21. The attack targeted Bybit’s Ethereum cold wallet, with hackers managing to bypass multi-signature security measures. Blockchain analysts have linked the breach to North Korea’s Lazarus Group, known for high-profile cyber thefts.
Parallels with Traditional Banking
Drawing comparisons to traditional banking, Gauthier noted that just as people entrust banks with their money instead of keeping cash at home, secure alternatives exist for digital assets. However, he insisted that self-custody remains the most secure option.
Ledger’s technology, validated by the sale of over eight million hardware wallets, offers a robust security option compared to outdated methods like physically storing money. As cyber threats continue to evolve, Gauthier reaffirmed Ledger’s commitment to strengthening security for cryptocurrency users worldwide.
