Crypto hacks surge, fueling record demand for offline wallets like Ledger

[Hardware Bitcoin wallet on dark surface]
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Rising crypto thefts are driving investors toward hardware wallets that keep digital assets offline, the Financial Times reported Sunday.

Ledger, a Paris-based maker of cold-storage devices resembling USB sticks, says 2025 is shaping up to be its strongest year ever. Chief executive Pascal Gauthier told the _FT_ that revenues have reached the “hundreds of millions,” adding that cyberattacks on financial and crypto accounts are growing more frequent and are unlikely to slow down.

Blockchain analytics firm Chainalysis estimates that about $2.2 billion in crypto has been stolen so far this year, already surpassing 2024 totals. Roughly a quarter of those thefts targeted individuals’ wallets.

The surge in crime comes as bitcoin and other tokens hit record highs, boosted by pro-crypto sentiment in Washington. Earlier this year, North Korean hackers stole about $1.5 billion from the exchange Bybit, marking the largest crypto heist to date.

According to Ari Redbord of TRM Labs, legitimate crypto activity is growing, but so is criminal exploitation of the industry.

Ledger’s devices, which secure roughly $100 billion in customer assets, have become increasingly popular ahead of the holiday season. Gauthier said the firm plans to raise new funds next year and expand operations in New York, noting that most crypto capital “is in New York today, not Europe.”

The company’s growth reflects what Gauthier described as a broad awakening to the need for stronger security, since smartphones and computers were built for convenience, not asset protection.

Competitors such as Trezor (Czech Republic) and Tangem (Switzerland) also offer cold-storage wallets, giving investors an alternative to leaving funds on exchanges like Coinbase (COIN [https://seekingalpha.com/symbol/COIN]) or Binance (BNB-USD [https://seekingalpha.com/symbol/BNB-USD]).

With the rise in crypto prices has come a darker trend: more physical crimes against wealthy holders. Earlier this year, Ledger’s co-founder and his wife were kidnapped in France in a failed ransom attempt. Analysts warn that as crypto values climb, more opportunistic attacks against investors are likely to follow.

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