Crypto Investors Drive Surge in Demand for Offline Security Devices Amid Record Hack Attacks

As crypto-related hacks hit record levels, investors are increasingly turning to secure offline devices to protect their digital assets. Hardware wallet provider Ledger has reported its strongest year to date as concerns over cyber theft intensify across the global crypto market.

Ledger, founded in Paris in 2014, sells hardware wallets resembling USB drives that allow users to store cryptocurrencies offline, away from the reach of hackers. Chief executive Pascal Gauthier told the Financial Times that the company’s 2025 revenues have already reached “triple-digit millions”. He warned, “We’re being hacked more and more every day?.?.?.?hacking of your bank accounts, of your crypto, and it’s not going to get better next year and the year after that.”

Data from blockchain analytics firm Chainalysis revealed that around $2.2bn worth of crypto was stolen in the first half of 2025, surpassing the total amount stolen during the whole of 2024. Notably, 23% of attacks targeted individuals’ wallets, an “increasingly significant” trend in crypto crime.

The surge in hacks comes as the price of bitcoin and other digital assets reaches new record highs, helped by political backing for the sector — particularly from Donald Trump, who has positioned himself as a supporter of crypto innovation. One of the largest attacks this year saw North Korean hackers steal $1.5bn from the exchange Bybit in February, marking the biggest crypto heist in history.

> “As we’ve seen a record-setting year in lawful crypto activity, we’ve also seen a record-setting year in unlawful crypto activity,” said Ari Redbord, global head of policy at blockchain intelligence firm TRM Labs.

Gauthier noted that Ledger typically experiences an uptick in sales around Black Friday and Christmas, but demand this year has already surged ahead of schedule. He also confirmed that the company is considering a fundraising round next year, which could include a private investment or a potential listing in New York.

> “Smartphones and computers have been designed for communication and entertainment, not security,” Gauthier explained, adding that Ledger’s rapid growth reflects “the realisation that hackers are getting more aggressive and so you need to upgrade your security.”

Other cold storage providers, including Trezor (Czech Republic) and Tangem (Switzerland), are also seeing rising demand for their offline wallets — an alternative to keeping tokens on exchanges such as Coinbase or Binance.

Ledger currently secures around $100bn worth of bitcoin for its customers and was valued at $1.5bn in 2023 following investment rounds led by 10T Holdings and Singapore’s True Global Ventures.

However, as crypto prices soar, so too does the risk of physical crimes. Earlier this year, Ledger’s co-founder and his wife were kidnapped in France, with attackers demanding a ransom in cryptocurrency. The perpetrators were later arrested, and the funds recovered. Chainalysis has since warned that “rising crypto prices will probably trigger additional opportunistic physical attacks against known crypto holders.”

Gauthier said he is now expanding Ledger’s presence in New York, acknowledging that “money is in New York today for crypto — it’s nowhere else in the world, it’s certainly not in Europe.”