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Date: 2025-02-25 20:57:34
In a recent conversation on Bloomberg TV, Ledger's CEO, Pascal Gauthier, highlighted the significance of strong security measures in the cryptocurrency industry.
Gauthier pointed out the unalterable nature of Bitcoin transactions, cautioning that while Bitcoin was engineered to be secure, the platforms where digital assets are stored, such as crypto exchanges, continue to be prime targets for cybercriminals.
"Wherever there is money, hackers will follow," Gauthier stated, emphasizing that as more funds are invested in the system, the financial sector, including Bitcoin (BTC) and other cryptocurrencies, increasingly becomes a target for illicit activities.
The CEO clarified that Bitcoin's design inherently encourages self-custody, advising users to avoid keeping their digital assets on exchanges where vulnerabilities could be exploited.
"Refrain from leaving your coins on an exchange," he advised, adding that if users opt to do so, it is crucial that the exchange's security measures are virtually unbreakable.
Gauthier further explained that Ledger has spent the last decade perfecting their security protocols, providing consumers with a dependable solution for safely storing their cryptocurrency through self-custody.
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Comparing it to traditional banking practices, the Ledger CEO noted that just as individuals deposit money in banks instead of storing cash at home, secure alternatives to self-custody are also available for digital assets.
These comments come after a significant security breach resulted in a $1.5 billion hack of Bybit on February 21.
The attack targeted the exchange's Ethereum cold wallet, with hackers successfully bypassing multi-signature protocols. Blockchain analysts linked the breach to North Korea's Lazarus Group, which is known for high-profile cyber thefts.
Gauthier emphasized that Ledger's technology, proven by selling eight million hardware wallets, offers a superior solution compared to outdated methods, like literally storing money under one's mattress.
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