Many Crypto Hacks, Hardware Wallet Ledger And Trezor Are Selling Hard!

Ledger and Trezor physical wallets for storing crypto. (Bitdegree)

JAKARTA – The rise of cryptocurrency hacking cases in recent months has prompted investors to store their cryptocurrency in physical crypto wallets or hardware wallets.

As is known, Solana (SOL) has been hacked by hackers causing a loss of 5.2 million US dollars (around Rp. 77.5 billion). This is a hacking case that occurred on 3 August.

Previously, on March 29, 2022, Ronin Network which is a crypto network based on Axie Infinity had to lose 173,600 Ethereum (at that time worth about 595 million US dollars) and a total of 25.5 million US dollars. Total Ronin had to lose 620 million US dollars or equivalent to Rp. 9.2 trillion. The perpetrators of the theft were allegedly carried out by a well-known hacker group from North Korea, namely the Lazarus Group.

This condition forces long-term investors to use hardware wallets to increase the security of their crypto assets. This physical crypto wallet is a security alternative for cryptocurrency holders.

In recent months, the crypto market has experienced a significant decline. The current bear market has rocked a number of leading crypto companies to cut their employees. Some of these companies include: Coinbase, FTX, Robinhood, BlockFi, and others. In fact, there are also crypto companies that have gone bankrupt.

Uncertainty in the crypto environment forces investors to use physical crypto storage wallets, one of which is Ledger. According to recent reports, this is due to the general liquidity crisis of big crypto companies like Hodlnaut and Celsius, investors will have to face the fact that their digital wealth is stuck in these companies until they find some kind of recovery plan.

But what's more worrying is that there's no time frame for when the restore will fully run. So, it's probably understandable how sales of hardware wallets spiked amidst a wave of freezes, crypto trading bankruptcies, and hacker attacks.

Ledger and Trezor Crypto Wallet Sales Increase

Ledger and Trezor are the two hardware wallet manufacturers that dominate this business. Sales of their physical wallets have skyrocketed in recent months. At the Ledger Op3n conference in June, the company claimed to have sold no less than 5 million units. But the company was also quick to attribute the massive sales to recent events.

“Recent issues with lenders, network hacks, Solana wallet exploits, etc. It only increases demand and sales (hardware wallets)," Ledger said, quoted from CryptoPotato.

Trezor, another major hardware wallet manufacturer also recorded a big increase in sales. It confirms that there has been "increasing interest in self-maintenance solutions over the past few months."

The decline in the crypto market and cases of hacking and asset freezing by crypto companies have made investors aware of the importance of storing their digital assets in their own physical crypto wallets.