Cryptocurrencies
Crypto Traders Flock to Hardware Wallets as Hacks Roil Industry
- Makers of such products saw big sales after Solana wallet hack
- Hardware wallets are usually more expensive than digital ones
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Hacks and bankruptcies continue to roil the digital-asset industry. But these setbacks have become a boon for makers of hardware wallets who have seen their sales spike as customers rush to protect their crypto assets.
French startup Ledger saw its day-over-day sales balloon 400% in the 24 hours after a $5.2 million hack involving digital wallets based on the Solana blockchain earlier this month, according to the company’s Chief Experience Officer Ian Rogers. Unlike many digital wallets, hardware ones keep a crypto user’s private keys -- which are the passwords they need to access their blockchain assets -- offline.