Ledger Urges Users to Embrace Self-Custody

We recently covered an article highlighting the growing trends of crypto crimes and attacks. Statistics show that attacks on crypto platforms wiped off more than $3 billion in 2024 alone.

This has taught many people that keeping their crypto safe is a priority. Instead of trusting centralized exchanges, more people are choosing hardware wallets like Ledger.

One major event that scared many investors was a hack on the WazirX crypto exchange in July 2024. Hackers stole $235 million, affecting over 4 million users in India. This was an unfortunate example of the risks of leaving crypto on centralized platforms.

A Decade of Self-Custody, Security and Innovation – Together. 🛡️

From your first Bitcoin transaction to your first NFT drop or DEX swap, we’ve been by your side every step of the way. Whether it was your initial SOL purchase or the numerous milestones you’ve achieved, Ledger has… pic.twitter.com/22IvO62uKp

— Ledger (@Ledger) January 13, 2025

A new report by Ledger, a hardware wallet provider, notes that crypto users have turned to hardware wallets for extra safety. Jean-Francois Rochet, a senior official at Ledger, noted that self-custody currently drives the new wave of crypto adoption.

A hardware wallet is like a secure USB drive for crypto assets. Even if someone hacks the internet, your money stays safe because it’s stored offline. Jean-Francois Rochet says he wants more people, especially Indians, to learn about self-custody, which means being in full control of your own money.

Delhi High Court Judge to #WazirX on $235 million hack: “YOU CANNOT JUST SAY SORRY”

– The Delhi High Court has sought responses from the government, the Reserve Bank of India (RBI), and other relevant parties

– Justice Sachin Datta, while hearing the case, remarked that #WazirX … pic.twitter.com/yGBRRwFZDO

— Global Rashid (@globalrashid007) January 16, 2025

Why does India Matter?

Rochet believes India plays a huge role in the crypto market . India accounts for one of the highest crypto developer communities as well as the crypto labor market. This means more people are involved in crypto in India.

#PeckShieldAlert 2024 has witnessed a significant resurgence in crypto-related hacking activities. The total value of loss in 2024 has exceeded $3.01B, reflecting a ~15% increase over the $2.61B stolen in 2023.
This total includes $2.15B stolen from crypto hacks and $834.5M… pic.twitter.com/l58x17TE5m

— PeckShieldAlert (@PeckShieldAlert) January 9, 2025

Beyond hardware wallets, Ledger notes that it is working on simplifying several complex crypto concepts. The goal is to make crypto easier for everyone. The wallet provider says some of the tools in development would help users double-check what they are agreeing to before signing any transaction.

Conclusion

Learning about self-custody and other safety practices is a good way to keep your assets safe. With crypto going mainstream, we could see more attacks from hackers. Furthermore, experts have warned that centralized platforms are a major target. So, hardware wallets could be a good security measure anyone can take.

Disclaimer

The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence.

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