In a recent interview with Bloomberg TV, Ledger CEO Pascal Gauthier highlighted the critical need for robust security measures in the ever-evolving world of cryptocurrency. He warned that while Bitcoin’s blockchain is inherently secure, the platforms where digital assets are stored—including crypto exchanges—continue to be prime targets for hackers.

The Importance of Self-Custody in Crypto Security

Bitcoin was designed to be immutable and decentralized, allowing users to have full control over their funds. However, many individuals store their assets on exchanges, which introduces security vulnerabilities.

Gauthier strongly advised against this practice, stating:
“Don’t leave your coins on an exchange. If you do, ensure their security measures are virtually impenetrable.”

Ledger, a leader in hardware wallet technology, has spent the past 10 years refining security protocols, providing users with a safer alternative through self-custody solutions. According to Gauthier, these tools allow individuals to retain full ownership over their crypto assets, reducing the risk of theft.

Lessons from Major Crypto Security Breaches

Gauthier’s comments come in the wake of a massive $1.5 billion hack targeting Bybit on February 21. Hackers infiltrated the exchange’s Ethereum cold wallet, successfully bypassing multi-signature security protocols.

Blockchain analysts linked the breach to North Korea’s Lazarus Group, a notorious hacking syndicate responsible for several high-profile cyber thefts in recent years. The attack further reinforced concerns about security vulnerabilities in centralized exchanges.

These incidents serve as a stark reminder that no exchange is entirely safe, making self-custody wallets a necessary security measure for crypto investors.

Hardware Wallets: A Superior Security Solution

While banks offer deposit protection, traditional finance has secure alternatives to storing cash at home. Similarly, hardware wallets provide a reliable solution for digital assets, shielding users from exchange hacks and cyberattacks.

Ledger’s technology, with over eight million hardware wallets sold, remains one of the most trusted self-custody options in the industry. Unlike keeping cash under a mattress, hardware wallets are designed to offer maximum security, ensuring that private keys remain completely offline and inaccessible to hackers.

Gauthier reiterated that crypto investors must prioritize personal responsibility, stressing that relying on centralized platforms carries unnecessary risk.

The Future of Crypto Security

As the crypto sector continues to expand, so do the threats from hackers and cybercriminals. Governments worldwide are introducing new regulations to strengthen security, but ultimately, individual users must take proactive steps to safeguard their digital assets.

With self-custody solutions gaining traction, companies like Ledger are at the forefront of enhancing blockchain security, ensuring that investors can navigate the crypto space with confidence.

As hackers become more sophisticated, Gauthier’s warning serves as a crucial reminder:
“If there is money, there will be hackers. The best defense is personal security.”