Sales Doubled Following Binance Hack, Says Ledger CEO

Sales Doubled Following Binance Hack, Says Ledger CEO


Pascal Gauthier, CEO of Ledger, said that sales of his company doubled after a major cryptocurrency exchange Binance suffered a hack. Gauthier was the president as well as a member of the board and seed investor, before he was promoted to the position of chief executive last month.

On May 08, Newconomy reported that Binance was the victim of a major hacking attack, which led to attackers stealing 7,074 bitcoins from the exchange’s hot wallet, which contained about 2% of their total BTC holdings.

While speaking at the Block’s Atomic Swap conference in New York, Gauthier said that his company has seen an increase in sales amid fears and concerns of investors and traders for the safety of their digital assets.

“Binance got hacked, and the day Binance got hacked, our sales doubled,” said Gauthier, before adding that “security is crucial to the growth of optimism surrounding crypto”. Gauthier served as a panelist when the future of money was discussed.

Hackers were able to get a hold of a large number of user API keys, 2FA codes, and potentially other info. They were described as “patient” and “well-orchestrated”. Binance is expected to come out with a full report on what exactly happened and how the attack occurred.

“We at Ledger believe that there is not enough security to protect those cryptos. We think that it’s great technology, there’s probably one weakness which is the [securing] of the end point and the private keys. We believe the security needs to happen, and we are very excited about building the security layer for the industry,” added Gauthier.

Ledger is a major provider of security and infrastructure solutions for cryptocurrencies and blockchain companies. It created one of the world’s most popular hardware wallets – Ledger Nano S.

In January, Newconomy covered the unveiling of Ledger’s new hardware wallet – Ledger Nano X. The new product is a bluetooth-enabled hardware wallet, and it includes features such as app-driven transactions to Nano X users and wallet balance tracking options.